Australia’s largest energy producer Woodside Energy has flagged a decrease in production for 2026 after reporting record annual production of 198.8 million barrels of oil equivalent (boe) in 2025.
Woodside expects production to dip to between 172 million and 186 million boe for 2026.
The softer outlook reflects planned down time at its Pluto LNG venture in Western Australia, which will occur in the June quarter, as Woodside prepares the facility to begin processing Scarborough gas this year and to ship first LNG cargo in the fourth quarter.
Woodside’s record annual production exceeded its 2025 production guidance of 192 million to 197 million boe.
Quarterly production came in at 48.9 million boe, down 4 per cent from the third quarter, driven by seasonal impacts and lower Australian east-coast demand.
Acting CEO Liz Wescott attributed the company’s strong 2025 performance by sustained plateau production at Sangomar through late October and Pluto LNG operating at 100 per cent reliability for the second half of the year.
“In recent days we marked a special milestone for the Scarborough energy project with the safe arrival of the floating production unit at the field and commencement of hook-up activities.
“The project was 94 per cent complete at the end of the year and remains on budget and on target for first LNG cargo in Q4 2026.”
Revenue for the quarter fell 10 per cent from the July to September quarter to US$3.04 billion.
Full-year revenue fell 1 per cent to US$12.98 billion, down from US$13.18 billion.
Woodside progressed major projects, and along with the Scarborough energy project, progressed the Trion project to 50 per cent completion. First oil is targeted for 2028.
The company’s Beaumont ammonia project in Texas, U.S., achieved first production in December 2025.
The project’s completion and associated payment of the remaining acquisition is expected in 2026.
Woodside is also working on finding a permanent replacement for Meg O’Neill, who left as CEO in December 2025 to head global major BP.
The company plans to announce a permanent appointment in the first quarter of 2026.
