Woodside Energy Group Ltd (WDS) 2026 Q2 法說會逐字稿

Good morning, and welcome to [Woodside’s 2026 half-year] results presentation. Joining me on today’s call is our Chief Financial Officer, Graham Tiver. We are presenting from Sydney, and I’d like to begin by acknowledging the traditional custodians of this land, the Gadigal people of the Eora Nation, and pay my respects to their Elders, past and present.

早安，歡迎參加[伍德賽德（Woodside）2026年上半年]業績簡報會。今天與我一同參與電話會議的是我們的財務長 Graham Tiver。我們在雪梨進行簡報，我想先致敬這片土地的傳統守護者——Eora Nation 的 Gadigal 人民，並向其歷代長者（過去與現在）致上敬意。

Now please take time to read the disclaimers, assumptions, and other important information on slides 2 and 3. And I’d also like to remind you that all dollar figures in today’s presentation are in US dollars unless otherwise indicated.

現在請撥冗閱讀第2與第3頁投影片上的免責聲明、假設及其他重要資訊。同時也提醒各位，除非另有說明，今天簡報中所有金額均以美元計。

It’s a great pleasure to present my first set of results as Woodside CEO. I’m proud of the way we have delivered reliably and consistently through our company leadership transition and during a time of historic volatility on global energy markets. This continues our proven track record as a reliable supplier to customers and highlights the competitive advantages we have developed over 40-plus years of operations.

我很榮幸以伍德賽德執行長身分，首次向各位呈報一組業績。我為我們在公司領導層交接期間，以及全球能源市場出現歷史性波動之際，仍能可靠且一致地交付成果而感到自豪。這延續了我們作為可靠客戶供應商的良好往績，也凸顯了我們在40多年營運中建立的競爭優勢。

Woodside’s core value proposition remains: we supply energy to meet rising demand, return value for our shareholders through the cycle, and offer tangible growth catalysts for investors. At our Capital Markets Day in November, we outlined Woodside’s transformative growth pathway to achieve more than 50% sales growth and approximately $9 billion in net operating cash flow in 2032. And my focus as CEO is on the disciplined delivery of this pathway while raising the bar further to translate future growth into greater value for our shareholders.

伍德賽德的核心價值主張依然是：供應能源以滿足日益上升的需求、在景氣循環中為股東創造回報，並為投資人提供具體的成長催化劑。在11月的資本市場日，我們闡述了伍德賽德具轉型意義的成長路徑，目標是在2032年實現超過50%的銷售成長，以及約90億美元的淨營運現金流。而我作為執行長的重點，是以紀律推進這一路徑的交付，同時進一步拉高標準，將未來成長轉化為為股東創造更大的價值。

There are some key areas where Woodside can build from our strengths to lift performance, sharpen our focus on value, and improve the resilience of our business through the cycle. These include active management of our portfolio to maximize returns on capital, with all investment opportunities competing under a single framework for shareholder value.

伍德賽德可在若干關鍵領域發揮既有優勢，以提升績效、更加聚焦價值，並強化公司在景氣循環中的韌性。其中包括積極管理投資組合，以最大化資本回報，並讓所有投資機會在同一套以股東價值為核心的框架下競爭。

Our investment choices in new energy must be underpinned by customer demand and market commerciality. We must also achieve structural cost savings across our business, driven by an ambitious and transparent cost out target. We are announcing today a structural cost reduction target of USD350 million per year to be delivered from 2028. Later in the presentation, I will provide more detail on how we will sharpen our focus on value.

我們在新能源方面的投資選擇，必須以客戶需求與市場商業可行性為基礎。我們也必須在全公司範圍內實現結構性成本節省，並以具雄心且透明的降本目標為驅動。我們今天宣布，自2028年起每年將實現3.5億美元的結構性成本削減目標。在稍後的簡報中，我將進一步說明我們將如何更聚焦於價值。

But first, to our half-year results, which reflect Woodside’s impressive operational and financial performance to date in 2026. These results demonstrate how we are de-risking our business today and driving long-term shareholder value.

但首先來看我們的上半年業績，反映伍德賽德在2026年迄今展現的亮眼營運與財務表現。這些結果顯示我們如何在當下為業務降風險，並推動長期股東價值。

As shown on slide 6, reliable operations underpin strong production and cash flow across our global portfolio. We achieved total production of 86.5 million barrels of oil equivalent for the half. Free cash flow achieved a year-on-year increase of more than 150%, and we maintained strong EBITDA of $4.6 billion. Regrettably, we experienced one high consequence injury during the period.

如第6頁投影片所示，可靠的營運支撐了我們全球投資組合的強勁產量與現金流。上半年總產量達8,650萬桶油當量。自由現金流較去年同期增加逾150%，EBITDA亦維持強勁，達46億美元。遺憾的是，期間我們發生了一起高後果傷害事件。

We made significant progress on our next phase of value, advancing major projects at Scarborough, Trion, and Louisiana LNG on schedule and on budget. We recorded an underlying net profit after tax of $1.3 billion, and based on this, the Board has determined a fully franked interim dividend of USD0.57 per share, once again at the top end of our payout range.

我們在下一階段的價值創造方面取得重大進展，Scarborough、Trion 與 Louisiana LNG 等重大專案均按期且按預算推進。我們錄得13億美元的稅後基本淨利，董事會據此決定派發每股0.57美元的全額附抵稅（fully franked）期中股利，再次位於我們派息區間的上緣。

Slide 7 highlights Woodside’s world-class delivery during the half, underpinned by reliable operations and disciplined investment in growth. At Pluto, we safely executed a major planned turnaround on schedule and within budget, which included works to prepare for Scarborough. Our unit production cost remained competitive, notwithstanding the significant turnaround activity.

第7頁投影片重點呈現伍德賽德在上半年達到的世界級交付成果，其基礎在於可靠營運與對成長的紀律性投資。在 Pluto，我們安全地按期且在預算內完成一次大型計畫性停工檢修（turnaround），其中包含為 Scarborough 做準備的相關工程。儘管停工檢修活動規模龐大，我們的單位生產成本仍保持競爭力。

We continued to efficiently execute our major projects with a strong focus on cost management, remaining on schedule and budget. We also continue to strengthen the quality of our global portfolio, sharpening our focus on opportunities that play to Woodside’s strengths and offer value accretive growth.

我們持續以高度聚焦成本管理的方式高效推進重大專案，並維持按期、按預算執行。我們也持續提升全球投資組合的品質，更加聚焦於能發揮伍德賽德優勢、並提供增值型成長的機會。

During the period, we exercised our preemption right, which will result in increased equity in Browse on completion. Woodside’s combined interest in the Browse resource and the North West Shelf onshore infrastructure provides the basis for an integrated development concept with long-term cash flow potential.

期間內，我們行使了優先購買權（preemption right），在交易完成後將提高我們在 Browse 的權益比例。伍德賽德在 Browse 資源與 North West Shelf 陸上基礎設施的合併權益，為一體化開發概念奠定基礎，具備長期現金流潛力。

Subsequent to the half, in July, we assumed operatorship of the Gippsland Basin assets, supporting the continued reliable supply of gas to the Australian domestic market. And in August, we agreed to divest our interest in the Calypso project in Trinidad and Tobago, demonstrating our prudent approach to portfolio management and capital allocation.

在上半年之後的7月，我們接手 Gippsland Basin 資產的營運權（operatorship），以支持持續可靠地向澳洲國內市場供應天然氣。而在8月，我們同意出售在千里達及托巴哥 Calypso 專案的權益，展現我們在投資組合管理與資本配置上的審慎作法。

Keeping our people safe remains our highest priority at Woodside, and we continue striving for sustained improvement in our safety performance. During the half, we completed more than 11 million work hours, including construction, commissioning, and complex turnarounds at our global operating and project sites.

確保員工安全始終是伍德賽德的最高優先事項，我們持續致力於安全績效的長期改善。上半年期間，我們完成超過1,100萬工時，涵蓋在全球營運與專案現場的建造、試運轉（commissioning）以及複雜的停工檢修。

As shown on slide 8, we recorded one high consequence injury and zero Tier 1 or Tier 2 process safety events. One high-consequence injury is one too many, and we remain firmly focused on continuous improvement and management of risk across our operations. This includes proactively managing risk and leveraging field leadership programs to provide deeper insights to our performance.

如第8頁投影片所示，我們錄得一起高後果傷害事件，且第1級或第2級製程安全事件為零。一次高後果傷害都嫌太多；我們仍堅定聚焦於持續改善，以及在各項營運中進行風險管理。這包括主動管理風險，並運用現場領導力計畫（field leadership programs）以更深入洞察我們的績效。

Turning now to our operational performance on slide 9. The first half once again showcased Woodside’s operational excellence and proven ability to maximize value from our producing assets, which delivered $3 billion in operating cash flow during the period. We are making good progress on decommissioning across the portfolio.

接著看第9頁投影片的營運表現。上半年再次展現伍德賽德的卓越營運能力，以及從生產資產中最大化價值的成熟實力；期間帶來30億美元的營運現金流。我們在整體投資組合的除役（decommissioning）工作上進展良好。

We commenced plug and abandonment on eight subsea wells at the North West Shelf and Julimar-Brunello, and removed around 26 kilometers of flow lines and umbilicals at Stybarrow and Griffin. At our Australian operations, we are executing infill opportunities across Pluto, Julimar Development Phase 3, and Turrum Phase 3, supporting continued value creation from our existing infrastructure and assets.

我們在 North West Shelf 與 Julimar-Brunello 的8口海底井啟動封井與廢棄（plug and abandonment）作業，並在 Stybarrow 與 Griffin 移除約26公里的流線（flow lines）與臍帶纜（umbilicals）。在澳洲營運方面，我們正於 Pluto、Julimar 開發第3期與 Turrum 第3期執行加密井（infill）機會，支持從既有基礎設施與資產持續創造價值。

Woodside is assessing the opportunity in our Gippsland Basin assets to unlock up to 200 petajoules of potential Bass Strait gas, supporting domestic energy security and creating additional value from the portfolio. Technical maturity and final details of the Australian government’s proposed Domestic Gas Reservation Scheme will influence whether we progress this opportunity to a final investment decision.

伍德賽德正在評估 Gippsland Basin 資產的機會，以釋放最多達200拍焦耳（petajoules）的潛在巴斯海峽天然氣，支持國內能源安全，並從投資組合中創造額外價值。技術成熟度，以及澳洲政府所提議的國內天然氣保留制度（Domestic Gas Reservation Scheme）之最終細節，將影響我們是否將此機會推進至最終投資決策。

Our international portfolio performed very well over the half, led by exceptional ongoing performance at Sangomar, which produced 15 million barrels of oil equivalent Woodside share at 99.5% reliability. The asset has now generated $3.8 billion of EBITDA for Woodside since startup. We are continuing our discussions with Petrosen and the government of Senegal on a potential additional phase, which we estimate could be a six to eight well program.

我們的國際投資組合在上半年表現非常出色，其中以 Sangomar 的持續卓越表現為首；該資產以99.5%的可靠度，貢獻伍德賽德權益產量1,500萬桶油當量。自投產以來，該資產已為伍德賽德創造38億美元的 EBITDA。我們正持續與 Petrosen 及塞內加爾政府就潛在的額外開發階段進行討論；我們估計該階段可能是一項6至8口井的計畫。

At Beaumont New Ammonia, we assumed operational control in March and are delivering cargoes to domestic and international markets. During the half, production was constrained by third-party feedstock availability, with impacts expected to continue through 2027.

在 Beaumont New Ammonia，我們於3月接手營運控制，並正向國內及國際市場交付貨物。在本半年度期間，產量受第三方原料供應可得性限制，預期相關影響將持續至2027年。

Moving to delivery of our major projects on slide 10. We continue to make excellent progress on the Scarborough Energy project, which was 98% complete at the end of the half and remains on track for first LNG cargo in the fourth quarter of 2026. Subsequent to the period, the floating production unit achieved ready for startup status and first gas, marking another significant milestone as we move closer to production.

接著看投影片10，說明我們主要專案的交付進展。Scarborough Energy 專案持續取得極佳進展，於本半年度期末完成度達98%，並仍按計畫於2026年第四季交付首批LNG貨物。期後，浮式生產裝置達成可啟動（ready for startup）狀態並產出首批天然氣（first gas），在邁向投產的過程中再創一項重要里程碑。

Onshore, we continued construction and commissioning at Pluto Train 2. Mechanical runs have been completed on three of the six liquefaction compressors, with the remaining activities progressing as planned. Our focus is now on disciplined execution through to startup.

在陸上方面，我們持續推進 Pluto Train 2 的建造與試車（commissioning）。六台液化壓縮機中已有三台完成機械運轉測試，其餘工作正按計畫推進。我們目前的重點是以嚴謹紀律執行，直至啟動投產。

We are progressively bringing wells online, pressurizing the trunk line, and introducing gas into the onshore facilities while testing and verifying each part of the system. We are taking the time to ensure we bring these facilities online safely and reliably as we move towards first LNG cargo and a significant new source of cash generative production to our portfolio.

我們正逐步讓各口井上線、對幹線加壓，並在測試與驗證系統各部分的同時，將天然氣導入陸上設施。我們將投入必要時間，確保這些設施能以安全且可靠的方式上線，並朝首批LNG貨物邁進，為我們的資產組合帶來一項可顯著創造現金流的新產量來源。

Moving to our Trion project on slide 11, which was 64% complete at the end of the half and targeting first oil in 2028. During the half, we achieved key construction and drilling milestones. Engineering of the floating storage and offloading facility is progressing to plan, with fabrication underway and major equipment ordered. Preparations are now well advanced for the subsea installation campaign, with equipment set to be delivered ahead of offshore installation commencing in the third quarter of 2026.

接著看投影片11的 Trion 專案，本半年度期末完成度為64%，目標於2028年產出首批原油（first oil）。本半年度期間，我們達成多項關鍵建造與鑽井里程碑。浮式儲卸油裝置（FSO）的工程設計按計畫推進，製造已展開，且主要設備已下單。海底安裝作業（subsea installation）前置準備已相當成熟，設備預計將於2026年第三季離岸安裝開始前提前交付。

Turning to slide 12. Louisiana LNG continues to progress on schedule and budget and was 28% complete at the end of the half. We achieved several key construction milestones, including commencement of berth dredging, installing the first mechanical equipment in Train 1, which was 35% complete at the end of the half, and erecting the first structural steel in Train 2.

接著看投影片12。Louisiana LNG 持續按進度與預算推進，本半年度期末完成度為28%。我們達成數項關鍵建造里程碑，包括開始碼頭疏浚、在1號液化列車（Train 1）安裝首批機械設備（本半年度期末完成度為35%），以及在2號液化列車（Train 2）架設首批結構鋼材。

We are also advancing feed gas procurement in line with our gas supply strategy. Williams, our partner and pipeline operator, is progressing execution of Line 200. We continue to see strong interest from potential counterparties across both sell downs and LNG offtake, and our approach remains focused on the quality partnerships required for this long-term investment.

我們亦依循天然氣供應策略推進進料氣（feed gas）採購。我們的合作夥伴兼管線營運商 Williams 正推進 Line 200 的執行。我們持續看到潛在交易對手對於股權出售（sell downs）與LNG承購（offtake）皆有強勁興趣，而我們的方法仍聚焦於建立此項長期投資所需的高品質合作夥伴關係。

Strong sustainability performance remains fundamental to the long-term success of our business, and we made good progress in key areas during the half. Having achieved our 2025 net equity Scope 1 and 2 greenhouse gas emissions reduction target, we remain on track to meet our 2030 target of a 30% reduction against our baseline.

強健的永續表現仍是我們業務長期成功的基礎，本半年度期間我們在多個關鍵領域取得良好進展。在達成2025年淨權益（net equity）範疇1與範疇2溫室氣體排放減量目標後，我們仍按軌道推進，將於2030年前相較基準值達成減量30%的目標。

We submitted our second annual Oil and Gas Methane Partnership 2.0 implementation plan, including enhanced methane emissions reporting at our Sangomar and North West Shelf operations. During the half, we continued making significant economic and social contributions to the communities where we operate.

我們提交第二份年度 Oil and Gas Methane Partnership 2.0（OGMP 2.0）實施計畫，其中包含對 Sangomar 與 North West Shelf 營運的甲烷排放強化申報。本半年度期間，我們持續對營運所在地社區做出顯著的經濟與社會貢獻。

We paid more than AUD1 billion in taxes, royalties, and levies to Australian governments during the half and committed to more than AUD520 million of spend with almost 300 local businesses during our Pluto Train 1 modifications program.

本半年度期間，我們向澳洲各級政府支付超過10億澳元的稅款、權利金與各項徵費，並在 Pluto Train 1 改造計畫中承諾向近300家在地企業支出超過5.2億澳元。

Subsequent to the period, we launched our inaugural Global Indigenous People strategy, setting out our intent to strengthen partnerships and support positive outcomes for indigenous peoples across the regions where we operate. We also took forward biodiversity initiatives in the United States and Australia. In Louisiana, we committed $5 million over six years to the Sam Houston Jones State Park Restoration Project. While in Western Australia, we continue to progress the Watheroo Biodiversity Project.

期後，我們發布首份《全球原住民族策略》，闡明我們將強化夥伴關係，並在我們營運所在各地區支持原住民族取得正向成果的意圖。我們亦推進美國與澳洲的生物多樣性倡議。在路易斯安那州，我們承諾於六年內投入500萬美元支持 Sam Houston Jones 州立公園復育計畫。在西澳大利亞，我們持續推進 Watheroo 生物多樣性計畫。

Moving to slide 14, Woodside has continued to deliver during a period of significant volatility in global energy markets. The temporary withdrawal of 20% of LNG supply and 13% of oil supply from global markets as a result of the Middle East conflict drove increased customer demand for Woodside’s products. Brent and JKM pricing have both moderated from initial price spikes in March and April. However, restricted supply and price volatility are expected to continue for some time.

接著看投影片14，Woodside 在全球能源市場高度波動的期間仍持續交出成果。由於中東衝突，全球市場一度暫時撤出20%的LNG供給與13%的石油供給，帶動客戶對 Woodside 產品的需求增加。Brent 與 JKM 價格自3月與4月的初期飆升後皆已趨於緩和。然而，供給受限與價格波動預期仍將持續一段時間。

We achieved an average realized price of $74 per barrel of oil equivalent through our contracted positions and premiums achieved on crude products. Cyclone-related production impacts and planned Pluto turnaround curtailed available Woodside volumes during the period, which limited our exposure to the spot market.

透過我們的合約部位以及原油產品所取得的溢價，我們實現的平均實現價格為每桶油當量74美元。受氣旋相關的產量影響及 Pluto 計畫性停工檢修（turnaround）影響，本期間 Woodside 可供銷售的量受到抑制，因而降低了我們對現貨市場的曝險。

Our marketing and trading division continued to optimize the portfolio across multiple trades to manage risk and maximize value while fulfilling customer commitments. Some of these trades were across the reporting period. We see tailwinds for the second half from this trading, as well as pricing lags on our oil-linked LNG contracted volumes.

我們的行銷與交易部門持續透過多筆交易優化資產組合，以在履行客戶承諾的同時管理風險並最大化價值。其中部分交易跨越了報導期間。我們預期下半年將受惠於這些交易帶來的順風因素，以及與油價連動之LNG合約量的定價落後效應（pricing lags）。

Ongoing gas hub exposure, combined with our established customer relationships and growing shipping fleet, position us well to derive additional value moving forward. With about 75% of our LNG volumes contracted through to 2028, we will remain a reliable provider to existing customers who value security of supply.

持續的天然氣樞紐（gas hub）曝險，加上我們既有的客戶關係與持續擴大的船隊，使我們在未來能夠取得額外價值。由於約75%的LNG銷售量已簽約至2028年，我們將持續成為重視供應安全的既有客戶之可靠供應商。

Long-term structural demand outlook for LNG as a reliable, flexible, and versatile energy source remains, notwithstanding the impact of recent supply shortages on demand from some price-sensitive markets. Wood Mackenzie continues to forecast ongoing robust demand growth in Asia through to the 2040s as these economies seek LNG to support baseload power, industrial use, and grid stability.

作為可靠、具彈性且用途多元的能源來源，LNG的長期結構性需求展望依然存在，儘管近期供給短缺對部分價格敏感市場的需求造成影響。Wood Mackenzie 仍預測亞洲需求將持續強勁成長至2040年代，因這些經濟體尋求以LNG支撐基載電力、工業用途與電網穩定。

Wood Mackenzie has also revised upwards its long-term European gas demand forecast in each of the past four years. This indicates how advanced economies with net zero targets continue to see an important role for natural gas, including LNG, to complement renewables and support energy security. Woodside’s portfolio, featuring highly reliable assets with diversified points of supply, underpinned by long-term customer relationships in major energy markets, is well-placed to meet this demand.

Wood Mackenzie 亦在過去四年中，每一年都上修其歐洲天然氣長期需求預測。這顯示具淨零目標的已開發經濟體，仍持續認為天然氣（包含LNG）在補充再生能源與支撐能源安全方面扮演重要角色。Woodside 的資產組合具備高度可靠的資產與多元供應來源，並以主要能源市場的長期客戶關係為基礎，已具備良好條件以滿足此一需求。

I’ll now hand over to Graham to take you through our financial highlights before outlining how we’re positioning Woodside for the next phase.

接下來我將交棒給 Graham，由他帶各位回顧我們的財務重點，並說明我們如何為 Woodside 的下一階段做好布局。

Thanks, Liz, and hello everyone. I am pleased to present another impressive set of financial results today, achieved during a turbulent period for global energy markets.

謝謝你，Liz，各位大家好。我很高興在全球能源市場動盪的期間，今天向各位呈現另一組亮眼的財務成果。

Our performance over the first half was characterized by strong cash generation and proactive debt management, positioning us well to capture the benefits of production and pricing upside in the second half of 2026. During an expected period of high expenditure due to project execution and planned turnarounds, we took early action at the start of the year to actively manage our balance sheet to protect downside price risk.

我們上半年表現以強勁的現金創造與積極的債務管理為特徵，使我們具備良好條件在2026年下半年把握產量提升與價格上行所帶來的效益。在因專案執行與計畫性停工檢修而預期支出偏高的期間，我們於年初即採取先行措施，主動管理資產負債表，以防範價格下行風險。

This involved starting the year with strong liquidity and our routine hedging program. We maintained our investment-grade credit rating and retained significant exposure to the upside, and we are anticipating strong cash generation in the second half.

這包括在年初即具備強勁的流動性以及我們例行的避險計畫。我們維持投資等級信用評等並保留對上行的顯著曝險，且我們預期下半年將有強勁的現金創造能力。

Slide 18 shows the underlying financial strength of our business. During a period of high prices, we were able to generate additional revenue whilst continuing to execute planned turnarounds and manage adverse weather outcomes, which reduced available production volumes.

第18頁投影片顯示我們業務的基本財務實力。在價格高檔期間，我們得以創造額外營收，同時持續執行既定的歲修並管理不利天候影響，這些因素降低了可用的產量。

Our reliable and cost-competitive base business has driven the positive trend you can see across the financial indicators. This includes growth in operating revenue, net profit after tax, and return on equity, and a resilient EBITDA of approximately $4.6 billion.

我們可靠且具成本競爭力的核心業務，帶動了您在各項財務指標上所見的正向趨勢。這包括營業收入、稅後淨利與股東權益報酬率的成長，以及約46億美元的穩健EBITDA。

While we achieved higher revenue due to elevated commodity prices, year-on-year EBITDA performance reflects increased operating costs on the commencement of Beaumont New Ammonia, Pluto turnaround or the planned turnaround costs, and timing of trading margins. Our healthy balance sheet, with free cash flow of $352 million and liquidity of $8.2 billion, keeps us well positioned to navigate volatility in global energy markets while continuing to fund near-term growth and return value to our shareholders.

雖然受惠於商品價格走高而帶來較高營收，但EBITDA的年對年表現反映了營運成本上升，原因包括Beaumont New Ammonia投產、Pluto歲修或既定歲修成本，以及交易利潤的時點差異。我們健康的資產負債表—自由現金流3.52億美元、流動性82億美元—使我們在持續投入短期成長並回饋股東價值的同時，仍能妥善因應全球能源市場的波動。

Our current capital management framework has served us well, providing clear guardrails to support financial discipline and deliver enduring shareholder returns. However, as Liz mentioned earlier, we will review and test the framework against our evolving business to ensure a disciplined capital strategy. We continue to exercise strong cost control across our business, but we are not standing still and will always look for opportunities to improve.

我們現行的資本管理架構一直以來運作良好，提供清楚的護欄以支持財務紀律並帶來長期的股東報酬。然而，如Liz先前提到的，我們將檢視並以不斷演進的業務來測試該架構，以確保資本策略維持紀律。我們持續在全公司範圍內嚴格控管成本，但我們不會停滯不前，並將持續尋找改善機會。

Gearing at the end of the year was 20.6%, reflecting new lease liabilities, net hedge cash settlements, and trade receivables not converted into cash at June 30, 2026. This is marginally outside our target 10% to 20% range, but as we have previously noted, our capital management framework provides flexibility to sit temporarily outside of this range during capital-intensive periods. Our approach is anchored by an investment-grade credit rating and an established dividend policy with a targeted 50% to 80% payout range.

年末槓桿比率為20.6%，反映新增租賃負債、避險淨現金結算，以及截至2026年6月30日尚未轉為現金的應收帳款。這略高於我們10%至20%的目標區間，但如我們先前所述，在資本密集期間，我們的資本管理架構提供彈性，允許短暫落在該區間之外。我們的方法以投資等級信用評等為基礎，並有既定的股利政策，目標配息率為50%至80%。

Slide 20 provides further detail on our balance sheet strength, with $8.2 billion in cash and undrawn facilities at the end of the half. As you can see, we have maintained strong liquidity throughout the past five years across changing market conditions and expenditure on major growth projects. In the current environment, our strong balance sheet provides an important buffer against global supply chain disruptions, inflationary pressures, and price volatility.

第20頁投影片進一步說明我們資產負債表的強度，期末持有現金及未動用額度合計82億美元。如您所見，過去五年在市場條件變化及重大成長專案支出之下，我們仍維持強勁的流動性。在目前環境中，我們強健的資產負債表為因應全球供應鏈中斷、通膨壓力與價格波動提供了重要緩衝。

The cash generating capacity of our assets, active management of our debt portfolio, and sell downs last year of our Louisiana LNG project have all contributed to our position. $1.7 billion in capital contributions was received during the half from Stonepeak and Williams for development of Louisiana LNG.

我們資產的現金創造能力、對債務組合的積極管理，以及去年出售路易斯安那LNG專案的部分權益，皆促成了我們目前的狀況。上半年我們自Stonepeak與Williams取得17億美元的資本出資，用於路易斯安那LNG的開發。

We are particularly pleased that our strong performance over the half has translated into immediate rewards for our shareholders. The fully franked interim dividend of USD0.57 per share is once again at the top end of our targeted payout range, demonstrating our confidence in the strength of the balance sheet to return cash to shareholders while investing in long-term value accretive growth. We have now returned approximately $12 billion to our shareholders since the completion of our merger with BHP’s petroleum business in 2022.

我們尤其欣慰的是，上半年的強勁表現已為股東帶來即時回饋。每股0.57美元的全額附抵稅（fully franked）期中股利再次位於我們目標配息區間的上緣，展現我們對資產負債表實力的信心：在投資於可長期增值的成長之際，仍能將現金回饋股東。自2022年完成與BHP石油業務合併以來，我們已向股東回饋約120億美元。

Our focus on financial discipline and strong capital management will continue to underpin Woodside’s long-term profitability, and continued delivery of returns to our shareholders.

我們對財務紀律與強健資本管理的專注，將持續支撐Woodside的長期獲利能力，並持續為股東帶來報酬。

Thank you, and I’ll now hand back to Liz.

謝謝，接下來我把時間交回給Liz。

Thanks, Graham. I’ll conclude today’s presentation by explaining how we are evolving Woodside’s strategic priorities to build on this strong foundation and deliver Woodside’s next phase of shareholder value. As I noted at the opening of today’s presentation, the underlying strengths that drive Woodside’s performance and position us for continued delivery of shareholder value remain unchanged. We’re proud of what Woodside is accomplishing, and we’re now aiming to set the bar even higher.

謝謝你，Graham。我將以說明我們如何演進Woodside的策略優先事項作為今天簡報的結語，以在這個強勁基礎上再接再厲，並推動Woodside下一階段的股東價值。如我在今天簡報開場時所提到，驅動Woodside表現並使我們得以持續交付股東價值的根本優勢依然不變。我們為Woodside所達成的成果感到自豪，而我們現在的目標是把標準設得更高。

On becoming Woodside CEO in March, I made clear that my priorities would be operational excellence, disciplined execution, and sustained value creation. As our portfolio changes in scale, geography, and complexity, our approach to these priorities must evolve. We have an opportunity to sharpen how we run the business and position ourselves for the future.

我在3月就任Woodside執行長時，已清楚表明我的優先事項將是卓越營運、紀律執行與持續創造價值。隨著我們的投資組合在規模、地理分布與複雜度上改變，我們對這些優先事項的作法也必須演進。我們有機會精進企業營運方式，並為未來做好定位。

Woodside’s next phase will be underpinned by disciplined delivery of value. To maintain operational excellence, we are placing an even greater focus on efficiency, cost management, and productivity within our operations, alongside our enduring commitments to safety and sustainability.

Woodside的下一階段將以有紀律地交付價值為基礎。為維持卓越營運，我們將在營運中更加聚焦於效率、成本管理與生產力，同時延續我們對安全與永續的長期承諾。

On disciplined execution, we must extract full value from our growth projects by delivering them to schedule and budget, transitioning them smoothly into high-performing operations, and optimizing their revenue through enhanced marketing and trading capabilities. And to deliver sustained value creation, we are applying an ever sharper focus on portfolio quality, ensuring capital is directed to the highest value opportunities. Together, these strategic priorities provide a clear framework for Woodside’s future.

在紀律執行方面，我們必須透過按期、按預算交付成長專案，順利轉入高績效營運，並藉由強化行銷與交易能力來最佳化其收入，以從中擷取完整價值。而為了持續創造價值，我們將更聚焦於投資組合品質，確保資本投向最高價值的機會。綜合而言，這些策略優先事項為Woodside的未來提供清晰的架構。

A sharper positioning on discipline and value is already translating into tangible actions. As our major growth projects progress and transition towards operations and cash flow generation, we are refocusing our capital strategy and managing our portfolio to maximize returns on capital. Our investments must all compete for capital equally, and strong returns on that capital must be achieved for the benefit of our shareholders. A single investment framework will guide investment decisions.

在紀律與價值上的更清晰定位，已轉化為具體行動。隨著我們的重大成長專案推進並逐步轉入營運與現金流創造階段，我們正重新聚焦資本策略並管理投資組合，以最大化資本報酬。我們所有投資都必須在資本配置上公平競爭，且必須為股東利益達成強勁的資本報酬。單一投資框架將指導投資決策。

New energy opportunities must be supported by clear customer demands and commercial markets. They must also compete for capital with other investment opportunities. This discipline has led to our decision to undertake a strategic review of Beaumont New Ammonia. This asset was acquired in a global environment with line of sight to a developing market for lower carbon ammonia, including the international regulatory frameworks required to support that market.

新能源機會必須有明確的客戶需求與商業市場作為支撐。它們也必須與其他投資機會競爭資本。這樣的紀律促使我們決定對Beaumont New Ammonia進行策略檢討。我們是在全球環境下收購該資產，當時可預見較低碳氨的市場正在形成，包括支撐該市場所需的國際監管架構。

Significant changes in the global environment over the past 12 months have changed this underlying premise. Now that the asset has moved into the operating phase, it is the optimal time to review its place in our global portfolio. We will explore all options to determine the best value for Woodside.

過去12個月全球環境的重大變化，改變了這項基本前提。如今該資產已進入營運階段，正是檢視其在我們全球投資組合中定位的最佳時點。我們將探索所有選項，以為Woodside確定最佳價值。

We are also applying a disciplined approach to sustainability, ensuring our plans and commitments continue to support Woodside’s long-term resilience and value. This includes having balanced and achievable climate targets, which align with the pace of the global energy transition.

我們也以有紀律的方式推動永續發展，確保我們的計畫與承諾持續支持Woodside的長期韌性與價值。這包括設定平衡且可達成的氣候目標，並與全球能源轉型的步調一致。

Our 2030 net equity Scope 1 and 2 greenhouse gas emissions reduction target remains unchanged, as does our broader commitment to decarbonizing Woodside’s own operations. This aligns with Woodside’s conviction that LNG has a key role in meeting long-term energy demands and global decarbonization goals. However, we have taken the disciplined decision to retire our Scope 3 investment and emissions abatement targets. These targets were established in a different market context and based on a different expected pace of the energy transition.

我們2030年淨權益（net equity）範疇1與範疇2溫室氣體排放減量目標維持不變，我們對Woodside自身營運去碳化的更廣泛承諾亦不變。這與Woodside的信念一致：LNG在滿足長期能源需求與全球去碳化目標方面扮演關鍵角色。然而，我們已做出有紀律的決定，終止我們的範疇3投資與減排（abatement）目標。這些目標是在不同的市場背景下制定，並基於對能源轉型步調的不同預期。

The reality is that markets for emerging lower carbon opportunities, including hydrogen, ammonia, and carbon capture and storage, have developed more slowly than anticipated. Therefore, the targets no longer align with evolving technology, current policy settings, and customer demand.

現實是，新興的低碳機會市場（包括氫、氨以及碳捕集與封存）發展速度比預期更慢。因此，這些目標已不再與技術演進、現行政策設定及客戶需求相一致。

Finally, we are focused on improving our business effectiveness to keep our business resilient through the cycle. The structured review of our business I announced in April has identified opportunities to improve business effectiveness and leverage efficiencies as key assets move from project delivery into operations and others into later life production.

最後，我們專注於提升業務效能，以確保我們的業務在景氣循環中保持韌性。我在四月宣布對業務進行的結構化檢討，已識別出提升業務效能並發揮效率的機會；隨著關鍵資產從專案交付轉入營運，以及其他資產進入後期壽命生產階段，這些將成為重要資產。

We are building a simpler organization that can make decisions faster, allocate resources more effectively, and deliver services as they are needed across our global portfolio. We are pursuing an annual cost out target of $350 million to be delivered from 2028, including overhead and operational cost savings from our base business. These early actions represent a disciplined evolution of our strategy as we look to sharpen Woodside’s focus, lift our performance, and position our business for long-term success.

我們正在打造更精簡的組織，使其能更快速做出決策、更有效配置資源，並在我們的全球資產組合中按需提供服務。我們追求每年削減成本目標3.5億美元，預計自2028年起實現，其中包括基礎業務的管理費用及營運成本節省。這些早期行動代表我們策略的有紀律演進，旨在進一步聚焦Woodside、提升績效，並使我們的業務具備長期成功的定位。

To conclude, Woodside’s renewed focus on discipline and value is a considered evolution of our existing strategy and investment proposition. Our operational excellence and financial strength are returning value to shareholders today, while disciplined delivery of our major growth projects is building the production and cash generation platform for tomorrow.

總結而言，Woodside對紀律與價值的重新聚焦，是對我們既有策略與投資主張的審慎演進。我們的卓越營運與財務實力正在於今日為股東回饋價值，而對主要成長專案的有紀律交付，則正在為明日建立產量與現金創造的平台。

We have actions underway that leverage our proven capabilities and build on our strengths, and we have set a clear course towards building a stronger Woodside that can deliver enduring value for our shareholders.

我們已展開多項行動，運用我們經驗證的能力並在既有優勢上再接再厲；同時，我們已設定清晰路徑，朝向打造更強健的Woodside邁進，以為股東創造持久價值。

Thank you. And I’ll now open the call to your questions. (Operator Instructions)

謝謝。我現在開放各位提問。(接線員指示)

(Operator Instructions) Tom Allen, UBS.

(接線員指示) Tom Allen，瑞銀（UBS）。

So just following up your comments, Liz, Woodside today announced it abandoned plans to spend $5 billion on new energy projects by 2030, and you have announced a strategic review of Beaumont New Ammonia. Just given that was the first key project relevant to that target, can you share some comments on whether that would potentially seek a full divestment or a partial sale only?

我想就您剛才的評論追問一下，Liz。Woodside今天宣布已放棄在2030年前投入50億美元於新能源專案的計畫，且您也宣布將對Beaumont新氨（Beaumont New Ammonia）進行策略性檢討。鑑於那是與該目標相關的第一個關鍵專案，您能否分享一些看法：這是否可能尋求全面撤資，或僅是部分出售？

And the extension of that question would be over Louisiana LNG, that was quite a different project structure to what we have typically seen for U.=S Gulf Coast LNG projects, with Woodside retaining, as an upstream OMP, quite high equity exposure in the infrastructure and even through the HoldCo. Were there any plans to revisit the structure of Louisiana LNG as well?

而這個問題的延伸是關於Louisiana LNG。該專案結構與我們通常看到的美國墨西哥灣沿岸LNG專案相當不同，Woodside作為上游OMP，對基礎設施甚至透過HoldCo仍保留相當高的股權曝險。是否也有計畫重新檢視Louisiana LNG的結構？

Okay. Thank you, Tom. So starting off with Beaumont New Ammonia. Beaumont New Ammonia is a high-quality asset, and it is now in operations, and it is approaching important milestones over the course of 2026. So the asset, though, was acquired in a different global environment to the one we are in today. And so it is important, I think, to reflect the changes that we have had in the last 12 months, and that is why we have announced the strategic review of the asset. We are going to look at all options to determine the best value option for Woodside. So there is no determined pathway today.

好的。謝謝你，Tom。先從Beaumont新氨談起。Beaumont新氨是一項高品質資產，現已投入營運，並將在2026年期間接近若干重要里程碑。不過，該資產是在與我們今日不同的全球環境下收購的。因此，我認為有必要反映過去12個月所發生的變化，這也是我們宣布對該資產進行策略性檢討的原因。我們將檢視所有選項，以決定對Woodside而言最佳的價值方案。因此，目前尚未有既定路徑。

Your second question, around the structure of Louisiana LNG. You are right to say that Woodside has had the opportunity to approach the Louisiana LNG investment differently to others, and importantly, having a balance sheet that can support an investment of this scale. We have been able to bring in HoldCo partners across the project to support both the capital reduction, and today we sit with Stonepeak and Williams having reduced the capital exposure for Woodside down to 57% of the total investment, so $9.9 billion.

你的第二個問題是關於Louisiana LNG的結構。你說得沒錯，Woodside有機會以不同於其他專案的方式來處理Louisiana LNG投資；更重要的是，我們的資產負債表能支撐如此規模的投資。我們已能引入HoldCo層級的合作夥伴參與整個專案，以同時支持資本降低；目前Stonepeak與Williams的加入已將Woodside的資本曝險降至總投資的57%，也就是99億美元。

And we also have portfolio marketing capabilities that we are able to exercise to achieve the value that we see in this asset. And so there is no planned change to the structure of the project as we continue to look for HoldCo participants to join us in this asset. The structure of the project as we continue to look for whole co participants to join us in this asset.

此外，我們也具備投資組合行銷能力，能夠運用以實現我們在該資產中所看到的價值。因此，在我們持續尋找HoldCo參與者加入該資產的同時，並沒有計畫改變專案結構。在我們持續尋找HoldCo參與者加入該資產的同時，專案結構維持不變。

Okay. That is clear, Liz. You did note that all projects are competing for capital in your basis for conducting the strategic review of Beaumont. So over the quarter, Woodside preempted on the sale of PetroChina’s 10.67% stake in Browse, and Woodside has continued to progress environmental approvals.

好的。很清楚了，Liz。你確實提到，所有專案都在競爭資本，這也是你們對Beaumont進行策略性檢討的基礎。因此在本季，Woodside對PetroChina在Browse的10.67%持股行使優先購買權（preempted），且Woodside也持續推進環境核准。

Could you please comment on Woodside’s target timeline to progress the Browse project towards an FID? And perhaps some color on the targeted CapEx, including for the CO2 and targeted returns for the project?

能否請你評論一下Woodside推進Browse專案邁向最終投資決策（FID）的目標時程？以及能否提供一些關於目標資本支出（CapEx）（包括CO2方案）與專案目標報酬的資訊？

Extending your two questions. So the Browse project is still early stage. We are in pre-FEED on Browse, the teams continue to work three streams of work, making sure we have an investable project. We have EPC contractors providing cost and schedule outlooks and designs to our project team today. We continue to work environmental approvals with submissions that have been made in the last half, both to the WAEPA and the federal government in that regard.

延伸你剛才的兩個問題。Browse專案仍處於早期階段。我們在Browse處於pre-FEED階段，團隊持續推進三條工作主線，以確保我們擁有可投資的專案。EPC承包商目前正向我們的專案團隊提供成本與工期展望以及設計方案。我們也持續推進環境核准；在這方面，過去半年我們已向西澳環保署（WAEPA）及聯邦政府提交相關文件。

And then we continue commercial discussions between the Browse Joint Venture partners and the Northwest Shelf. And the pre-emption that we made, with INPEX, was to ensure that ongoing opportunity to develop Browse through the Northwest Shelf project. And for Woodside shareholders, where we have equity in both the upstream and the Northwest Shelf project, this is a highly value-accretive development concept. So that is where we sit with Browse.

接著，我們也持續在Browse合資夥伴與Northwest Shelf之間進行商業討論。我們與INPEX所進行的優先購買權行使，是為了確保透過Northwest Shelf專案開發Browse的持續機會。對Woodside股東而言，由於我們同時持有上游與Northwest Shelf專案的權益，這是一個高度增值的開發概念。以上就是Browse目前的進展。

The second question was around timelines. Sorry, timelines on --?

第二個問題是關於時程。抱歉，時程是指——？

Correct.

沒錯。

On the CapEx profile. So I’m just checking. Could you just repeat your question, Tom, so I get it right?

關於資本支出（CapEx）輪廓。我再確認一下。Tom，你可以把問題再重複一次嗎？我想確保我理解正確。

Yeah. So it was the timeline to progress towards an FID and some color on the indicative total CapEx, including for the CO2 solution.

可以。問題是推進至最終投資決策（FID）的時程，以及一些關於指標性的總資本支出（包括CO2解決方案）的資訊。

Yeah, okay. So timelines are still ahead of us. Being in pre-FEED, we need to move through FEED before we have FID. Those are still decisions to be come, and total CapEx will also be informed through the work that’s being done today by the EPC providers. So I’ve got nothing further to add on that.

好的。時程仍在未來。由於目前在pre-FEED階段，我們需要先進入並完成FEED，之後才會有FID。這些仍是尚待做出的決策，而總資本支出也將由目前EPC供應商所進行的工作來提供資訊。因此我沒有更多補充。

Nik Burns, Jarden Australia.

Nik Burns，Jarden Australia。

Just a question on the move to a single capital allocation framework. Historically, your presentations have included a slide that outlines that framework, which are different IRR and payback times for oil, gas, and new energy. There is obviously no new slide here today. So can you just talk through what the new targets are from an IRR and a payback time perspective?

我有一個關於轉向單一資本配置框架的問題。過去你們的簡報通常會有一張投影片概述該框架，針對石油、天然氣與新能源分別設定不同的IRR與回收期。今天顯然沒有這張新投影片。所以你能否說明一下，從IRR與回收期的角度，新目標是什麼？

Yeah. So we talked today about moving to a single framework to ensure that all of our capital is competing equally for investment dollars with Woodside. And the review of the capital strategy is going to be more holistic. It is looking at capital management and capital allocation.

是的。所以我們今天談到，將轉向單一框架，以確保我們所有資本在與 Woodside 的投資資金競爭時都能在同等條件下競爭。而對資本策略的檢討將會更為整體、全面。它將檢視資本管理與資本配置。

We are going to make sure every dollar is deployed efficiently, and we will be looking at how we measure and consider risk, as well as maximizing shareholder returns. And so it is going to be a comprehensive strategy, and it will not be similar to the one we had before.

我們將確保每一美元都能有效率地投入運用，並且會檢視我們如何衡量與考量風險，同時最大化股東報酬。因此這將是一項全面性的策略，而且不會與我們先前的策略相似。

Right. Do you have a timing on when you are planning on releasing that?

了解。你們預計何時發布，有時間表嗎？

Yeah, I think, Nik, our Capital Markets Day will come out with more information on our capital strategy.

是的，我想 Nik，我們會在資本市場日（Capital Markets Day）提供更多關於我們資本策略的資訊。

Got it. To my second question, it is really around that $350 million cost out target. Obviously, there is not a lot of details in terms of how you are going to achieve that. I am guessing you will get an update at the Capital Markets Day as well. High level, can you talk through about, are you targeting operating costs only here, or would there be a CapEx component in there?

明白。我的第二個問題主要是關於 3.5 億美元的成本削減目標。顯然目前關於你們將如何達成的細節不多。我猜資本市場日也會有更新。從高層次來看，你能否說明一下：你們這裡只針對營運成本，還是也會包含資本支出（CapEx）的部分？

And you mentioned from 2028, but is there a potential that the market could see some of those cost realizations or the lower costs coming through, say, in the intervening 18-month period? Or is it really those cost savings are only coming through, from 2028 onwards?

另外你提到從 2028 年開始，但市場是否有可能在接下來 18 個月期間就看到部分成本實現或成本下降？還是說這些節省真的只會從 2028 年起才會反映出來？

Yeah. In April, we talked about the structured review that we were kicking off for the organization, and today we have been able to clarify that we see line of sight to $350 million US to be delivered from 2028. This is going to be through making a simpler organization. It is about working smarter, so making decisions faster, allocating resources more effectively.

是的。在 4 月，我們談到我們正在啟動對組織的結構化檢討，而今天我們已能釐清：我們看得到從 2028 年起可交付 3.5 億美元（美金）的明確路徑。這將透過打造更精簡的組織來達成。重點在於更聰明地工作，也就是更快做決策、更有效地配置資源。

And we see this as a structured cost out of our base business. It will be a combination of operating costs, corporate overheads, as well as some sustaining CapEx. So we see it as a sustained process, and that is why we have outlined that the savings will commence from 2028. We want to make sure that the efforts we undertake in this regard are sustained through the business going forward.

我們將其視為對我們基礎業務的結構化降本。它會結合營運成本、公司管理費用（corporate overheads），以及部分維持性資本支出（sustaining CapEx）。因此我們把它視為一個可持續的流程，這也是為什麼我們指出節省將自 2028 年開始。我們希望確保在這方面所採取的努力，能在未來業務運作中持續發揮效果。

Saul Kavonic, MST.

Saul Kavonic，MST。

Liz, could you elaborate a little bit on the, I guess, the scope for this cost out program and, why is there the opportunity to do that now as opposed to having already started on something like this a few years ago?

Liz，你能否再多說一點這個降本計畫的範圍？以及，為什麼現在有機會做，而不是在幾年前就已經開始做類似的事情？

Yeah. So to build on my earlier comments there, Saul, the scope is across Woodside’s business, and we’re looking at structured cost out of our base operating business to make us more efficient and more resilient through the cycle. And so we’ve got work streams identifying cost out of operating businesses, corporate parts of the business, as well as our sustaining portfolio. And so teams will be working on initiatives to drive cost out of our business over the course of time with expected savings from 2028.

好的。Saul，延續我先前的評論，範圍涵蓋 Woodside 的整體業務；我們正在對基礎營運業務進行結構化降本，以提升我們在景氣循環中的效率與韌性。因此我們有多條工作線，分別辨識營運業務、公司端（corporate）部門，以及我們的維持性投資組合中的降本機會。各團隊將在一段時間內推動相關措施，以在 2028 年起實現預期的節省。

Are you expecting that for the Capital Markets Day on November 5, are you confident we could have a sell-down announcement for Louisiana LNG in place by then?

你們預計在 11 月 5 日的資本市場日之前，是否有信心能就路易斯安那 LNG（Louisiana LNG）完成一項出售部分持股（sell-down）的公告？

So the Louisiana project, we remain positive and are happy with how discussions are going on sell-down and on FOB offtake at Louisiana. We have got strong interest from counterparties and continue to see a number of parties interested in Louisiana. But we are being patient, and we are making sure we have high-quality partners that will join this long-term investment with us. So we are taking a disciplined approach.

關於路易斯安那專案，我們仍然保持正面看法，也對目前就出售部分持股以及在路易斯安那的 FOB 承購（offtake）所進行的討論進展感到滿意。我們已獲得交易對手的強烈興趣，並持續看到多方對路易斯安那專案有興趣。但我們會保持耐心，並確保加入我們這項長期投資的是高品質的合作夥伴。因此我們採取審慎、紀律性的做法。

We do know that we brought Stonepeak in, we brought Williams in, and that has made a material difference to the capital exposure for Woodside and given us the time to ensure we have the right partners going forward.

我們確實已引入 Stonepeak，也引入 Williams，這已在實質上降低了 Woodside 的資本曝險，並讓我們有時間確保未來能找到合適的合作夥伴。

Just last one. It has been reported in The AFR that one of Woodside’s Board Directors didn’t disclose his outside business interest to the full Board earlier this year, and that reported again that he failed to do so last week. Do you consider this behavior to be consistent with the high governance standards you and investors should expect from your Board?

最後一個問題。《AFR》報導稱，Woodside 的一位董事今年稍早未向全體董事會披露其外部商業利益，並且又報導他上週也未披露。你是否認為這種行為符合你以及投資人對董事會應有的高治理標準的期待？

So let me assure all of our investors that the executive, the Board, and the directors all take governance very seriously, and we can assure you all that we are committed to strong processes. So any outside activities are considered by directors, any particular appointments are considered by the Board as appropriate, and we continue to manage any conflicts as appropriate.

我想向所有投資人保證，管理層、董事會以及各位董事都非常重視公司治理，我們也可以向各位保證，我們致力於健全的流程。因此，任何外部活動都會由董事加以考量，任何特定任命也會在適當情況下由董事會審議，而我們也會在適當情況下持續管理任何利益衝突。

Are you saying the AFR reports are incorrect then?

所以你的意思是《AFR》的報導不正確嗎？

I’m saying that any potential appointment of directors to Boards is something that will be discussed. And to date, the Mark Cutifani appointment to the Northern Star Board remains highly speculative, and there’s no discernible conflicts of interest between Woodside and Northern Star’s businesses.

我的意思是，董事可能受任至其他董事會的任何情況，都會被提出討論。而截至目前，Mark Cutifani 受任 Northern Star 董事會一事仍屬高度臆測，且 Woodside 與 Northern Star 的業務之間並不存在明顯的利益衝突。

Gordon Ramsay, RBC.

Gordon Ramsay，RBC。

Congratulations, Liz and team, on a very solid result. My question relates to Sangomar. You made a comment that you are looking at a six to eight well program. I’m assuming that’s targeting the S-400 sands, and you’re in discussions with the government. Can you just confirm that, but also, whether you’re looking at potentially backfill for the project or even expansion over time?

恭喜你，Liz 與團隊，交出非常穩健的成績。我的問題與 Sangomar 有關。你提到你們正在評估一個 6 到 8 口井的計畫。我假設那是針對 S-400 砂層，而且你們正在與政府討論。你能否確認一下？另外，你們是否也在考慮為該專案進行回填（backfill），甚至隨時間推進進行擴建？

Yeah. So Gordon, as we mentioned in the remarks, we are looking at a Phase 2 project, and we continue our discussions with both Petrosen and the Senegalese government on such a program. We do see maybe a six to eight well program, and so that would be an opportunity to backfill the existing facilities. So we do not see an expansion of the nameplate capacity at the field, but the opportunity to continue producing at high rates.

是的。Gordon，如同我們在說明中提到的，我們正在評估第二期（Phase 2）專案，並持續與 Petrosen 以及塞內加爾政府就此類計畫進行討論。我們確實看到可能是一個 6 到 8 口井的計畫，這將提供回填既有設施的機會。因此我們不認為會擴大該油田的名目產能（nameplate capacity），但有機會持續以高產率生產。

Gordon, the FPSO is 100,000 barrels a day, and this is all about backfill, extending the period of its life.

Gordon，該 FPSO 的產能是每日 100,000 桶，而這一切都是為了回填，延長其使用壽命期間。

Yeah. And congratulations for doing such a good job so far. And then secondly, just on the strategic review, obviously the projects that are in the new energy area, I am assuming, are a focus on that. You specifically mentioned Beaumont New Ammonia. What about hydrogen? Where does Woodside sit with that at the moment?

是的。也恭喜你們目前為止做得非常出色。第二個問題，關於策略性檢討，顯然新能源領域的專案我想是重點之一。你特別提到 Beaumont 新氨（Beaumont New Ammonia）。那氫能呢？Woodside 目前在這方面的定位如何？

So we are going to continue to explore new energy opportunities, and hydrogen would be amongst that. Ammonia, CCS have been opportunities that we continue to explore. But as we develop our portfolio, we have to be very driven by where customers are looking and where the commercial markets are developing. So we are going to be very disciplined in where we are going to allocate capital to those portfolios.

因此，我們將持續探索新能源機會，氫能也會是其中之一。氨、CCS（碳捕集與封存）一直是我們持續探索的機會。但在我們發展投資組合的同時，我們必須非常以客戶需求所在以及商業市場的發展方向為導向。因此，我們會非常嚴謹自律地決定把資本配置到哪些投資組合上。

As I have mentioned before, all our investments will need to compete for capital, and we are going to need strong returns, for the benefit of all our shareholders.

如我先前提到的，我們所有投資都必須競爭資本配置，而且我們需要強勁的報酬，以造福我們所有股東。

Adam Martin, E&P.

Adam Martin，E&P。

First question just on Louisiana. Obviously, HoldCo’s on the hook for any CapEx overruns given the Stonepeak contribution is fixed. Just any sort of color or commentary on just sort of implications of this whole Middle East situation, just thinking about inflation and that. The whole coast sell down has been going on for quite some time. Just any comment there, please.

第一個問題是關於路易斯安那。顯然，由於Stonepeak的出資是固定的，任何資本支出（CapEx）超支都將由HoldCo承擔。想請你就整個中東局勢的影響提供一些背景或評論，特別是考量通膨等因素。另外，整個海岸資產出售（sell down）已經進行了相當長一段時間。也請就此發表一些看法，謝謝。

Yeah. so Louisiana continues to progress well, maybe starting with the actual project and the construction. It’s a lump sum turnkey contract under Bechtel. And Bechtel have some steel fabrication in particular that they have continued to fabricate in the Middle East. Fabrication remains unaffected from their perspective. And so they’ve been working on alternative supply routes to get that steel to the US. That’s continued to be successful.

好的。路易斯安那項目持續進展良好，先從實際專案與施工談起。這是一份由Bechtel承攬的總價交鑰匙（lump sum turnkey）合約。而Bechtel有部分鋼材製作，特別是鋼構製造，持續在中東進行加工製造。就他們的角度而言，製造加工仍未受影響。因此，他們一直在研究替代供應路線，將該鋼材運往美國。目前也持續順利。

And Bechtel have also got opportunities to fabricate steel in the US or in Vietnam as other locations that they work from. So we remain comfortable with how Bechtel is responding to the impacts on their supply chain, recognizing fabrication continues, and we have sufficient steel on-site to continue the fabrication we need to.

此外，Bechtel也有機會在美國或越南等其他其作業據點進行鋼材製造。因此，我們仍對Bechtel因應供應鏈影響的作法感到放心；同時也注意到製造仍在持續，而且我們現場有足夠的鋼材，可支撐我們所需的後續加工與施工。

The second part to your question around the sell downs. Look, we continue to be in good discussions with a number of parties on sell downs, and Louisiana continues to be an attractive project for many. And so we are being patient and working through the details. It is a complex investment, and so the parties are taking their time to make sure they understand it.

至於你問題的第二部分，關於出售部分持股（sell downs）。我們持續與多方就出售部分持股進行良好討論，而路易斯安那對許多投資人而言仍是具吸引力的專案。因此，我們保持耐心並持續推進細節。這是一項複雜的投資，所以各方需要時間確保充分理解。

And we are looking for long-term strategic partners here. We want to make sure we have a good fit going forward in our investment.

而我們在此尋求的是長期策略夥伴。我們希望確保未來在投資上能有良好的契合度。

Okay. Just a second question. Obviously, some decent EBITDA still being generated from the Bass Strait. Obviously, Liz, early in your career, you spent time there as well. But just with this whole domestic gas reservation policy, where are you at in terms of taking opportunities in the Bass Strait, trying to improve production over the next few years, please?

好的。第二個問題。顯然，巴斯海峽（Bass Strait）仍在產生不錯的EBITDA。而且Liz，你職涯早期也曾在那裡工作過。但就整體國內天然氣保留政策而言，你們目前在巴斯海峽把握機會、在未來幾年提升產量方面的進展如何？謝謝。

Yeah. Moving to domestic gas on the East Coast, where we are a material operator, the Bass Strait assets account for 40% of the domestic gas. Woodside’s equity is 20%. We are firm believers that Australia needs new gas supply. And so we are working collaboratively with the government on their national reservation scheme as they are continuing to design it. The goal being that that would incentivize new supply. It will strengthen energy security and continue our role as a reliable energy supplier.

好的。談到東岸的國內天然氣，我們是重要的營運商；巴斯海峽資產占國內天然氣供應的40%。Woodside的權益占比為20%。我們堅信澳洲需要新的天然氣供應。因此，我們正與政府就其仍在設計中的全國保留機制進行協作。目標是讓該機制能夠激勵新增供給。這將強化能源安全，並延續我們作為可靠能源供應商的角色。

The opportunities we see in Bass Strait are 200 petajoule gas development, four well development. We are under no illusion that they are going to be materially impacted by the gas reservation policy coming forward. And so we are keenly awaiting further details.

我們在巴斯海峽看到的機會包括約200拍焦耳（petajoule）的天然氣開發、四口井的開發計畫。我們並不天真地以為這些不會受到即將推出的天然氣保留政策的實質影響。因此，我們正密切等待進一步細節。

(Operator Instructions) Rob Koh, Morgan Stanley.

（接線員指示）Rob Koh，Morgan Stanley。

Can I just ask a question in relation to gearing with, I think Mr. Tiver was saying gearing would be below 20% in the second half, which looks good. Can you maybe just outline any of the key capital elements? Does that include the Chevron asset swap going ahead, or is it mainly just on the lag in pricing and visibility on trading gains, please?

我想就槓桿比率（gearing）問一個問題。我記得Tiver先生提到下半年槓桿比率會低於20%，看起來不錯。你能否概述一下幾個關鍵的資本因素？這是否包含與Chevron的資產互換會推進完成，或主要只是因為價格滯後效應以及交易收益能見度的因素？謝謝。

Yeah. Thanks, Rob. Appreciate the question. It is pretty well all of the above, but what I would say, four elements. So we are set up well for a strong second half of production. The obvious example is Pluto. We finished the turnaround in the first half, so there is no turnaround at Pluto. There is a strong pricing environment.

好的。謝謝你，Rob。感謝這個問題。基本上以上因素都有，但我會說有四個要素。我們已為下半年強勁的產量表現做好準備。最明顯的例子是Pluto。我們在上半年完成了檢修（turnaround），因此Pluto下半年不會有檢修停產。同時，定價環境也很強勁。

We do have the benefits of the Wheatstone North West Shelf swap. So there should be some cash coming in relating to that. That is still contingent on a few items to happen on the critical path, but we are comfortable that will happen in the second half.

我們也將受惠於Wheatstone與North West Shelf的互換安排。因此，應會有與此相關的現金流入。這仍取決於關鍵路徑上有幾項事項需完成，但我們有信心會在下半年發生。

And then, the fourth element is that as we touched on in the presentation, the majority, so 62% of our hedges, have cash settled in the first half. So we have a good run in the second half of this strong pricing environment, and that gives us confidence that our gearing will be back under 20% at December 31, 2026.

第四個要素是，如同我們在簡報中提到的，我們的避險部位中有大多數——也就是62%——已在上半年以現金結算。因此，在強勁的定價環境下，我們下半年將有良好的受益期，這也讓我們有信心在2026年12月31日槓桿比率將回到20%以下。

Okay, great. That is very clear. For my second question, I guess we will probably wait for definitive answers in November, at your Capital Markets Day. Does your capital allocation review extend to things like the long-standing EPS payout ratios and gearing targets, or is it more just around project returns?

好的，很好。非常清楚。第二個問題，我想我們可能要等到11月的資本市場日（Capital Markets Day）才會有明確答案。你們的資本配置檢討是否也涵蓋像是長期的每股盈餘（EPS）配息比率以及槓桿目標，還是主要聚焦在專案報酬？

It’s all the above, Rob. So as Liz touched on, we’re purposely calling it capital strategy. It covers our capital allocation framework. It covers our capital management framework. It really is all of the above. It’s comprehensive.

以上都包含，Rob。如Liz提到的，我們刻意稱之為資本策略（capital strategy）。它涵蓋我們的資本配置框架。也涵蓋我們的資本管理框架。確實是全方位的。非常全面。

Uwan Minogue, Barrenjoey.

Uwan Minogue，Barrenjoey。

Congratulations on another strong result. Just following up more on Sangomar. What do you actually need to see or work through to progress with Stage 2 there? Has anything changed since the Capital Markets Day last year?

恭喜再度交出強勁的成績。我想再追問一下Sangomar。要推進那裡的第二階段（Stage 2），你們實際上需要看到或解決哪些事項？自去年資本市場日以來，有任何改變嗎？

Yeah, thanks for your question. So Sangomar continues to be a really strong asset for us. As we can see, we are in decline, but it continues to perform exceptionally well with high reliability.

好的，謝謝你的提問。Sangomar對我們而言仍是一項非常強勁的資產。如我們所見，產量正處於遞減期，但在高可靠度下仍持續表現非常出色。

Our Phase 2 development is now at a stage where we’re in discussions with Petrosen, our joint venture partner in the Senegalese government. And they’re important discussions as we look to progress any further developments. So we’ve got technical work that we need to ensure we manage alongside discussions with partners and governments before we can move forward.

我們的第二期（Phase 2）開發目前已進入與Petrosen（塞內加爾政府方的合資夥伴）討論的階段。在我們考量推進任何進一步開發時，這些都是重要的討論。因此，在我們能夠往前推進之前，除了需要完成技術工作外，也必須同步妥善管理與合作夥伴及政府的討論。

Okay, that is clear. And then second question again on Louisiana LNG. Are you actually seeing interest pick up in that sell down process, or are we seeing delays given what is going on in the Middle East? What is the actual level of current engagement in that sell down and off-taking?

好的，這很清楚。接著第二個問題還是關於路易斯安那 LNG。在那個出售持股（sell-down）流程中，你們是否真的看到興趣升溫，還是因為中東局勢而出現延遲？目前在該出售持股與承購（off-take）方面的實際參與程度如何？

Yeah, thanks for the question. So Louisiana, we see strong interest in Louisiana. We have a number of parties that have needed to focus on securing their short-term supply. It has been a very volatile first half in 2026. And so we have been patient with those, and we continue to see a broad range of interest from parties in participation in Louisiana.

是的，謝謝你的提問。關於路易斯安那，我們看到對路易斯安那有強勁的興趣。有不少參與方需要把重心放在確保其短期供應。2026 年上半年波動非常大。因此我們對這些參與方保持耐心，而我們也持續看到各方對參與路易斯安那項目有廣泛的興趣。

It is fair to say that getting more vertically integrated in the gas system is an objective of many companies. So whether you are an upstream producer looking to have access to LNG or you are a customer looking to have more upstream exposure, Louisiana provides an opportunity to gain that. And so that is the sort of interest we are seeing.

可以說，在天然氣體系中提升垂直整合程度，是許多公司的目標。因此，不論你是希望取得 LNG 供應通道的上游生產商，或是希望增加上游曝險的客戶，路易斯安那都提供了取得這種機會的途徑。這就是我們所看到的那類興趣。

Tom Wallington, Citi.

Tom Wallington，花旗。

Just wanted to touch on Louisiana and I guess in the context of looking to sanction brownfield expansion Trains 4 and 5. Could you just give us any commentary as to how the thinking has changed, the level of commitment that the management team are seeing in further progressing? I guess by extension and in the context of this streamlined capital management framework, is there any change in the target level of contracted and uncontracted LNG across the portfolio, particularly around the early 2030s period?

我想談一下路易斯安那，並把它放在你們考慮核准（sanction）既有場址擴建（brownfield expansion）第 4 與第 5 列車（Trains 4 and 5）的背景下。你們能否就思維如何改變、以及管理團隊在進一步推進方面看到的承諾程度，提供一些評論？另外，延伸到這個精簡的資本管理框架，在整個投資組合中已簽約與未簽約 LNG 的目標水位是否有任何變化，特別是 2030 年代初期那段期間？

Yeah. Okay. So with Louisiana, the 4 and 5 expansion opportunity is a fully permitted opportunity that we have at that site. It was one of the attractions for this development, was the ability to seamlessly, if you like, expand the capability at the site in a brownfield sense. So that remains an opportunity that Woodside is evaluating and considering alongside others for growth in our portfolio.

是的。好的。關於路易斯安那，第 4 與第 5 列車的擴建機會是在該場址已取得完整許可的機會。這項開發的吸引力之一，就是能夠在既有場址（brownfield）的情境下，若你願意這麼說，無縫地擴充該場址的能力。因此，這仍是一個 Woodside 正在評估並與投資組合中其他成長選項一併考量的機會。

At our Capital Markets Day, it was the opportunity that we profiled in our forward plans, and it continues to be something that teams are looking at. But our focus really is on Trains 1 to 3 and progressing not just the construction, but the sell down and the off-take arrangements for those three Trains. And so that is our ongoing focus.

在我們的資本市場日（Capital Markets Day），這是我們在前瞻計畫中所展示的機會，團隊也持續在研究。但我們的重點確實是在第 1 到第 3 列車，不僅推進建設，也推進這三列車的出售持股與承購（off-take）安排。因此，這是我們目前持續的重點。

Moving to your next question around our contracted and uncontracted portfolio and our exposure going forward. We have previously shared that we sit today at a 75% contracted position in the 2026 to 2028 window, and we continue to see that contracting profiles will enhance as we go forward. So when you are looking into the early 2030s, we are at a lower level of contracted volumes today, but that will continue to be layered into the market as we continue our marketing strategy of layering contracts in, and we anticipate being able to update you further on the contracting outlook for those windows.

接著談你下一個問題：關於我們已簽約與未簽約的投資組合，以及我們未來的曝險。我們先前已分享，目前在 2026 到 2028 年這個區間，我們的簽約比例為 75%，而且我們仍然看到，隨著時間推進，簽約曲線（contracting profiles）將會改善。因此，當你看向 2030 年代初期，目前我們的已簽約量較低，但我們會持續依照行銷策略把合約一層一層地放進市場，我們也預期能在那些期間的簽約展望上，進一步向各位更新。

Sarah Kerr, Argonaut.

Sarah Kerr，Argonaut。

Just my first question might be for Graham. The Perdaman gas contract embedded TTF derivative resulted in $135 million non-cash loss, and that unrealized loss was $297 million negative swing from the prior year. So just given TTF pricing is influenced more by factors such as the Ukraine conflict and European weather conditions than underlying economics of urea production or the WA domestic gas market, I was wondering if Woodside’s considering financial hedging or structural changes to that contract to reduce mark-to-market volatility going forward?

我的第一個問題可能是給 Graham。Perdaman 天然氣合約中嵌入的 TTF 衍生品造成 1.35 億美元的非現金損失，而該未實現損失相較前一年出現 2.97 億美元的負向擺動。鑑於 TTF 價格受烏克蘭衝突與歐洲天氣等因素影響更大，而非尿素生產的基本面或西澳（WA）國內天然氣市場，我想請問 Woodside 是否正在考慮金融避險或對該合約進行結構性調整，以降低未來按市價計量（mark-to-market）的波動？

Yeah, look. Thanks, Sarah. We certainly do understand the volatility through the embedded derivative. Most of the change in the value, or the volatility for the period, is driven by the long-term view on the TTF. But what I would do is keep bringing it back to the underlying reason for the contract, and that is to provide additional upside to the WA domestic gas pricing mechanism. So being linked to that international TTF, which strongly correlates to urea pricing, gives us potential upside over and above the WA dom gas pricing.

是的，你看。謝謝你，Sarah。我們確實理解這個嵌入式衍生品帶來的波動。該期間價值變動或波動的大部分，是由對 TTF 的長期看法所驅動。但我想把焦點拉回合約的根本原因，也就是為西澳國內天然氣定價機制提供額外的上行空間。因此，連結到國際 TTF（其與尿素定價高度相關），讓我們有機會在西澳國內天然氣定價之上取得額外上行。

That’s why we like it. We’re very conscious of the volatility. We are not considering any derivatives, if you want to call it, to hedge out the derivative, but it’s something we’ll always consider and look at into the future.

這就是我們喜歡它的原因。我們非常清楚其波動性。我們目前不考慮使用任何衍生工具（如果你要這麼稱呼）去對該衍生品進行避險，但這是我們未來會持續納入考量並觀察的事情。

And my second question, just for you, Liz. Woodside noted that you’re progressing four potential development wells and up to 200 PJs of gas in the Bass Strait. And you said that that’s dependent heavily on the Australian government’s proposed domestic gas reservation scheme. So I just wanted to understand what specific price thresholds or reservation caps under the proposed federal scheme would make the 200 PJ infill development uneconomic or cause Woodside to consider proceeding? Alternatively, would Woodside consider co-developing nearby resources such as Emperor Energy’s Judith field adjacent to Tuna, to approve any economics for backfill?

我的第二個問題是給你，Liz。Woodside 提到你們正在推進巴斯海峽（Bass Strait）四口潛在開發井，最多可帶來 200 PJ 的天然氣。你也說這高度取決於澳洲政府提出的國內天然氣保留（reservation）制度。我想了解，在聯邦方案中，哪些具體的價格門檻或保留上限，會使這 200 PJ 的加密（infill）開發變得不具經濟性，或反而促使 Woodside 考慮推進？或者，Woodside 是否會考慮與鄰近資源共同開發，例如與 Tuna 相鄰的 Emperor Energy 的 Judith 氣田，以改善回填（backfill）的經濟性？

Yeah, thank you. To make investments in our assets, we need to think about the long-term returns that we will gain from those investments. We are talking near $1 billion to make an investment in Bass Strait for additional returns, and so we need line of sight to the investment framework, if you like, the regulatory space, the pricing outlooks that we could expect over the years that we would be producing.

是的，謝謝。要在我們的資產上進行投資，我們需要考量這些投資在長期能帶來的報酬。我們談的是接近 10 億美元的投資，用於在巴斯海峽取得額外回報，因此我們需要對投資框架有清晰的可見度——如果你願意這麼說——包括監管環境、以及在我們生產年限內可能面對的價格展望。

So the gas reservation policy framework is very important for us to get a sense on how the market will behave and how the market will be priced going forward. So it’s really understanding the detail, so it’s very important. We can then model that and make our own decisions around the investment attractiveness of what we have, recognizing the comment we’ve been making this morning around all capital needs to compete. And so we are keen to make sure we have a really good line of sight on the investment framework.

因此，天然氣保留政策框架對我們非常重要，因為它能讓我們了解市場未來將如何運作、以及如何定價。所以關鍵在於理解細節，這非常重要。接著我們就能據此建模，並就我們手上的項目投資吸引力做出自己的決策，同時也要呼應我們今天早上一直在說的：所有資本都需要競爭配置。因此，我們很希望能對投資框架有非常清晰的可見度。

We are looking at opportunities in Victoria holistically, and we continue to do that. The advantage we see with these four wells is the ability to tieback to our existing infrastructure, and these are targets that have been understood for a long time by the organization. So these are very attractive, but we remain open to other opportunities, and that is going to be guided by our investment framework and the other uses we have for capital.

我們以整體角度來看維多利亞州（Victoria）的機會，並且會持續這麼做。我們認為這四口井的優勢在於能夠回接（tieback）到我們既有的基礎設施，而且這些目標在組織內已被理解很長一段時間。因此它們非常有吸引力，但我們也仍對其他機會保持開放，而這將由我們的投資框架以及資本的其他用途來引導。

Baden Moore, CITIC CLSA.

Baden Moore，CITIC CLSA。

Can you just give us an update on how you contracted for Scarborough ramp up? I think first cargo of LNG goes this quarter. Is there any commitments in terms of contracting for the first six months? Is there any guide you can give us on that?

您能否就您們如何為 Scarborough 的產能爬坡進行簽約，給我們一個最新進度？我想本季就會有第一船 LNG 出貨。在前六個月的簽約方面，是否有任何承諾？您能否就此提供任何指引？

And then my second question would be just around how to think about this decision on the Scope 3. I mean, is that essentially just an immediate free up of $3 billion of additional capital or liquidity up the next three years? Or are there offsets to that number that you could call out, just given it has not impacted how you position the balance sheet of this result?

接著我的第二個問題是，關於如何看待這項有關 Scope 3 的決定。我的意思是，這基本上是否等同於在未來三年立即釋放額外 30 億美元的資本或流動性？或者，是否有任何可以指出的抵銷項目——尤其考量到這並未影響您在本次結果中對資產負債表的定位？

Yeah. So the Scarborough project is very exciting. 98% complete at the end of the half, and we have given you good line of sight to the activities remaining prior to first cargo. As LNG projects come online, there is always commissioning cargos for quite a period as they build up to sustained ongoing operations, and so there will be no difference there for Scarborough.

是的。Scarborough 專案非常令人振奮。上半年結束時已完成 98%，而且我們也已讓各位清楚掌握在首船出貨前仍需完成的工作。LNG 專案上線時，通常在達到穩定、持續運轉之前，會有一段時間的試運轉（commissioning）貨載，因此 Scarborough 也不會有任何不同。

So the joint venture partners are across the details of how that will be managed. And then we anticipate in 2027, moving into sustained operations and commencing cargo delivery under our contracts. So a very similar profile to what you see with LNG projects.

因此，合資夥伴都已掌握將如何管理這些細節。我們預期在 2027 年進入穩定運轉，並開始依照合約進行貨載交付。所以其輪廓與您在其他 LNG 專案所看到的非常相似。

The Scope 3 target, different question. So we had an ambition of spending $5 billion of capital by 2030 on new energy projects. And what we are talking today by retiring the target is recognizing that we don’t see line of sight to having commercial value accretive projects to meet that commitment by 2030.

Scope 3 目標是另一個問題。我們原本的企圖是到 2030 年在新能源專案上投入 50 億美元資本。而我們今天談到退回（retiring）該目標，是因為我們認知到：我們看不到在 2030 年前能夠具備商業價值、且能增厚價值（value accretive）的專案，以滿足該承諾的明確路徑。

We continue to be interested in new energy opportunities, but we are being very disciplined with where we put our money and our ability to see line of sight today to further investment in new energy that would be commensurate with that $5 billion target is not there. So we haven’t reserved money on the balance sheet for that $3 billion or so. That would be arguably the money to go, hence you don’t see an impact on the forward outlook.

我們仍然對新能源機會感興趣，但在資金投放上非常自律；以目前來看，我們看不到能進一步投資新能源、且投資規模可與該 50 億美元目標相匹配的明確路徑。因此，我們並未在資產負債表上為那約 30 億美元預留資金。那可以說是原本可能要投入的資金，因此您不會看到對前瞻展望造成影響。

Cameron Needham, Bank of America.

美國銀行的 Cameron Needham。

Yeah. First one, just on Louisiana LNG. Louisiana LNG president departed back in June. Just keen to ask anything that we should read into that change from a project delivery perspective, i.e., any changes to the execution team governance or accountability structure under either project?

是的。第一個問題是關於 Louisiana LNG。Louisiana LNG 的總裁在 6 月離任。想請問從專案交付的角度，我們是否需要對這項變動做任何解讀？也就是說，在任一專案下，執行團隊的治理或問責架構是否有任何變更？

Yeah, thank you. Look, the Louisiana project is progressing well, and we’ve taken the opportunity to bring some skilled capability from our Australia LNG operations across to Louisiana. So we have taken two individuals that have worked closely on Scarborough and Pluto across to the Louisiana project, and we are very comfortable with our approach going forward on Louisiana. And so really, individuals make their own decisions about their careers, and we’ve got good depth with Woodside, so our ability to continue operating there is strong.

是的，謝謝。Louisiana 專案進展良好，我們也把握機會，將我們澳洲 LNG 營運中的一些熟練能力調派到 Louisiana。因此，我們已將兩位曾在 Scarborough 與 Pluto 密切合作的人員調往 Louisiana 專案，對於 Louisiana 後續的推進方式我們非常有信心。至於個人職涯選擇，終究是個人決定；而 Woodside 的人才深度很足，因此我們持續在那裡運作的能力很強。

Okay, thanks for the color. And second one just on marketing EBIT. I think you discussed back at the CMD that marketing is typically 10% of the total EBIT, but in H1 you are closer to 3%. So just keen to understand how the result compares to where you thought marketing would be in the first half, given the commodity price environment.

好的，謝謝補充說明。第二個問題是關於行銷（marketing）EBIT。我記得您在 CMD 曾提到，行銷通常約占總 EBIT 的 10%，但在上半年您們更接近 3%。因此想了解，在目前的大宗商品價格環境下，這次結果與您原先對上半年行銷表現的預期相比如何？

I appreciate there are some hedge losses in there, but is the gap primarily just some temporary timing that reverses in the second half, or has the opportunity set for the portfolio optimization actually been weaker than you expected?

我理解其中有一些避險損失，但這個差距主要只是一些暫時性的時間差、會在下半年回轉？

Yeah. Look, I might pass across to Graham to give you the color on that one. Thank you.

是的。我想我把這題交給 Graham，請他補充說明。謝謝。

Yeah, Cameron, you pretty well nailed it in your question there in that -- look, and Liz touched on it in her opening comments, the cyclones and the Pluto turnaround did curtail the volumes available for the marketing team. It limited their ability to further maximize, I guess, the uplifted pricing in the first half.

是的，Cameron，你在問題裡其實已經說得很到位了——你看，Liz 在開場致詞也提到，颶風以及 Pluto 的歲修確實壓縮了行銷團隊可運用的可售量。這限制了他們在上半年進一步把握、我想是把上半年較高的價格所帶來的增益最大化的能力。

Having said that, they did work hard and there were many trades, and through those trades, several of them will cross over into the second half. We have a very clear line of sight to more than $100 million of value that will come into the second half relating to trades that were executed in the first half. So I would say, as you touched on, it is very much a timing issue.

話雖如此，他們確實很努力，也做了很多交易；而透過這些交易，其中有好幾筆會延續到下半年入帳。我們非常清楚可見，將有超過 1 億美元的價值會在下半年反映，這與上半年已執行的交易有關。所以我會說，正如你提到的，這很大程度上是時間點的問題。

Thank you. There are no further phone questions at this time. I will now hand back to Ms. Westcott for closing remarks.

謝謝。目前沒有其他電話提問。我現在把時間交回給 Westcott 女士作結語。

Look, thank you very much everybody for listening and participating today, and thank you very much for your questions. I very much look forward to speaking with you again at our upcoming engagements, including our Capital Markets Day in Australia on November 5 and in the US on November 12. Until then, thanks.

非常感謝各位今天的收聽與參與，也非常感謝各位的提問。我非常期待在接下來的各項交流活動中再次與各位對話，包括 11 月 5 日在澳洲以及 11 月 12 日在美國舉行的資本市場日。在那之前，謝謝。