Woodside Energy has reported strong operational and financial results for the second quarter of 2025, delivering 50 million barrels of oil equivalent (MMboe) in production, progressing multiple major projects, and securing critical partnerships to support long-term growth.
The highlight of the quarter was the company’s final investment decision (FID) on the Louisiana LNG project, marking a significant milestone in expanding Woodside’s global LNG footprint.
Woodside’s second-quarter production rose by 2 per cent to 1 MMboe (550 Mboe/d), with a robust LNG sales price realised at US$62/boe.
The Sangomar field in Senegal continued to perform exceptionally, contributing 101 Mbbl/d in gross production for the quarter (81 Mbbl/d Woodside share), generating US$510 million in revenue.
Production from Sangomar has maintained close to 100 per cent reliability since first oil in June 2024.
Woodside CEO Meg O’Neill credited the company’s sustained operating performance and strong cost discipline.
“We delivered strong production of 50 million barrels of oil equivalent for the quarter from our diverse portfolio of high-quality assets,” said O’Neill.
“At the same time, ongoing focus on cost control has enabled us to lower our unit production cost guidance for 2025.”
As a result of efficient operations and cost reductions, full-year production guidance has been updated to 188–195 MMboe, while the unit production cost range was lowered to US$8.0–US$8.5 per boe.
A key highlight this quarter was the final investment decision on the Louisiana LNG project, a three-train development targeting 5 Mtpa of LNG.
This project marks a strategic shift for Woodside as it broadens its LNG supply base in the US.
“Our announcement in April of a final investment decision to develop the Louisiana LNG Project positions Woodside as a global LNG powerhouse, complementing our established Australian LNG business and enabling us to meet growing global demand from a broader range of customers,” O’Neill said.
Train 1 of the project was 22 per cent complete by the end of June 2025.
A 40 per cent stake in the infrastructure entity was sold to Stonepeak for approximately $1.9 billion, reflecting the private equity firm’s 75 per cent share of capital expenditure since January 2025.
“We continue to receive strong interest from high-quality potential partners as we explore further sell-downs,” O’Neill added.
“With both the final investment decision and capital expenditure risk reduced through our transaction with Stonepeak, we will evaluate the most value-accretive opportunities.”
Woodside signed pivotal LNG offtake and gas supply agreements for Louisiana LNG during the quarter, including:
- Two LNG Sale and Purchase Agreements with Uniper for long-term supply.
- A long-term gas supply agreement with bp for up to 640 billion cubic feet of feedgas from 2029.
Woodside reported strong progress at its major projects:
- Scarborough Energy Project: Now 86 per cent complete, with first LNG cargo set for H2 2026. The floating production unit was successfully integrated during the quarter.
- Trion Project (Mexico): 35 per cent complete, targeting first oil in 2028. Engineering and fabrication works are on track.
- Beaumont New Ammonia Project: 95 per cent complete with first production expected in late 2025.
- Hydrogen Refueller @ H2Perth: Electrolyser and compressor installations complete, first hydrogen expected in H1 2026.
Woodside also reported positive developments in decommissioning across legacy assets, though unexpected challenges and weather disruptions prompted revised cost estimates between $400–500 million, pre-tax.
Capital management remained a key priority. Woodside completed a US$3.5 billion senior unsecured bond issue, which was “heavily oversubscribed,” reinforcing the market’s confidence in its financial strength.
Liquidity stood at approximately US$8.4 billion at quarter-end, bolstered by proceeds from divestments including the Greater Angostura assets for US$259 million.
“The US$1.9 billion closing payment received from Stonepeak in June, plus proceeds from the divestment of our Greater Angostura assets in Trinidad and Tobago, further de-risks our balance sheet and strengthens our ability to both fund our growth projects and provide shareholder returns,” O’Neill said.
In line with its commitment to sustainability, Woodside reaffirmed its 2025 target of a 15 per cent reduction in net equity Scope 1 and 2 greenhouse gas emissions.
The company also welcomed the Australian government’s proposed environmental approval for the North West Shelf Project Extension, continuing constructive consultations on the terms.
With execution advancing across multiple strategic fronts — including LNG growth in the US, stable production in Australia, and critical decommissioning works — Woodside remains well-positioned for sustained value creation and long-term resilience.
“This demonstrates that Woodside continues to deliver on our commitments, executing multiple major projects with strong safety performance and cost control,” O’Neill concluded.
