Metrics and Targets 29

Climate-Related Metrics Used to Measure and Manage Risks and Opportunities

Operational Metrics:

Emissions Performance:

• Scope 1 and 2 net emissions (equity share): 42% reduction from baseline year of 2019-20
• Production emissions intensity: Monitored across operations
• Methane emissions: Focus on near-zero methane emissions target by 2030
• Routine flaring: Target of zero routine flaring where economically feasible by 2030

Carbon Storage Metrics:

• CO2e stored: 1.23 million tonnes of carbon dioxide equivalent stored at Moomba CCS (total operated basis)
• ACCUs received: 907,872 Australian Carbon Credit Units received for Moomba CCS

Financial Metrics:

• CTAP expenditure: $136 million in 2025
• Capital expenditure: $2.4 billion including climate-related investments
• Production cost per barrel: $6.78 (excluding Bayu-Undan), demonstrating operational efficiency

Performance Tracking:

• All-in free cash flow break-even target: $45 to $50 per barrel
• Carbon credit revenue: Potential revenue from ACCU generation and sales

Safety and Operational Excellence:

• Process safety measures: Loss of containment incident rate improved 43% to 0.08
• Facility reliability: 99% reliability at Central Processing Facility in PNG
• Asset integrity: Monitoring of climate-related infrastructure performance

Strategic Metrics:

• Production growth: 25-30% increase expected by 2027 from Barossa LNG and Pikka phase 1
• Gearing ratio: 26.9% including leases, supporting balance sheet strength for climate investments

Climate-related performance metrics for 2025 included: • Sites with rooftop solar and electric vehicle (EV) chargers • Open the New Energies / Hydrogen Service Station and commercialise position in hydrogen • Complete front-end engineering design for plastics recycling • Secure policy settings for low carbon fuel processing • Establish sustainable aviation fuel import capability

Safety and ESG metrics linked to climate considerations: On average, 9% of the total short-term incentives accrued in 2025 for the Executive Leadership Team were linked to climate-related considerations.

Investment and operational metrics: In 2025, we invested $20 million in a series of capital projects at the Geelong Refinery aimed at reducing emissions where commercially viable. These projects are expected to deliver an estimated annual reduction of 29 kt Scope 1 emissions.

Low Carbon Liquid Fuels: Current investment limited in scale and financial contributions still minor, $2.2 million in 2025. Our supply represented less than 0.05% of the total fuel market in Australia in 2025.

Fuel market metrics: The Australian fuel pool grew from 58.1 billion litres in 2024 to 58.9 billion litres in 2025. The total number of registered passenger vehicles in Australia has increased from 15.6 million vehicles in 2024 to 15.99 million vehicles in 2025. Petrol and diesel vehicles remains at 94% of the market share, with the remaining made up of hybrids (4%) and EVs (2%).