Annual Report 2017

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ANNUAL REPORT INCORPORATING APPENDIX 4E

About this report This Annual Report 2017 is a summary of Woodside’s operations and activities for the 12-month period ended 31 December 2017 and financial position as at 31 December 2017. Woodside Petroleum Ltd (ABN 55 004 898 962) is the ultimate holding company of the Woodside group of companies. In this report, unless otherwise stated, references to ‘Woodside’ and the ‘Group’, the ‘company’, ‘we’, ‘us’ and ‘our’ refer to Woodside Petroleum Ltd and its controlled entities, as a whole. The text does not distinguish between the activities of the ultimate holding company and those of its controlled entities. In this report, references to a year are to the calendar and financial year ended 31 December 2017 unless otherwise stated. All dollar figures are expressed in US currency, Woodside share, unless otherwise stated.

Additional information We have indicated where additional information is available online and in other sections of this report like this: Refer to the Glossary section on pages 143–144 for key terms, units of measurement and conversion factors. Refer to Woodside’s website for more information (www.woodside.com.au).

Forward-looking statements This report contains forward-looking statements. Please refer to page 142, which contains a notice in respect of these statements.

We are working with Green ReportsTM on an initiative ensuring that communications minimise environmental impact and create a more sustainable future for the community.

Sustainable Development Report 2017 A summary of Woodside’s sustainability approach, actions and performance for the 12-month period ended 31 December 2017 is included in our Sustainable Development Report 2017. This report will be available on 8 March 2018.

On the cover An aerial image of Murujuga (the Burrup Peninsula), home to our landmark North West Shelf Project and Pluto LNG facility.

CONTENTS Overview

Governance

About Woodside

2

Woodside Board

70

Performance highlights

4

Corporate Governance Statement

73

Chairman’s Report

10

Directors’ Report

74

Chief Executive Officer’s Report

12

Remuneration Report

76

Executive management

14

Our areas of activity

16

Financial statements

96

Shareholder information

Operating and Financial Review 20

Shareholder statistics

138

LNG market

22

Business directory

140

Strategy and capital allocation

24

Key announcements 2017

142

Our business model

26

Events calendar 2018

142

Exploration 28

Glossary, units of measure and conversion factors

143

Projects and developments

Asset facts

146

Operations 41

Summary charts

147

Marketing and shipping

Ten-year comparative data summary

148

Financial summary

32 47

Sustainability 50 Corporate 61

Appendix 4E Results for announcement to the market Revenue from ordinary activities

decreased 4.1% to US$3,908m

Profit from ordinary activities after tax attributable to members

increased 18.0% to US$1,024m

Net profit from the period attributable to members

increased 18.0% to US$1,024m Amount per security

Franked amount per security

Final dividend (US cents per share)

Ordinary 49¢

Ordinary 49¢

Interim dividend (US cents per share)