Woodside Energy Group (ASX: WDS) has announced record-breaking production and a substantial increase in profits for the full year 2024.
The company reported production of 193.9 million barrels of oil equivalent (MMboe), or 530 Mboe/day, marking a significant milestone in its operational history.
The company’s net profit after tax (NPAT) surged by 115 per cent year-on-year, reaching US$3,573 million.
However, underlying NPAT decreased by 13 per cent to US$2,880 million, primarily due to lower realized oil and gas prices.
Woodside’s Board of Directors has declared a final dividend of US53 cents per share, bringing the full-year fully franked dividend to US122 cents per share.
This maintains the payout ratio at 80 per cent, the top end of the target range.
The total value of the full-year dividend amounts to US$2,316 million.
Woodside CEO Meg O’Neill expressed confidence in Woodside’s future, stating that the company is poised to become a highly cash-generative business.
She highlighted the company’s track record of operational excellence, disciplined investment decisions, and world-class project execution as key factors delivering near-term rewards for shareholders while laying the foundation for future value creation.
Operational highlights for 2024 include:
- Outstanding early production performance at Sangomar, which ramped up to nameplate capacity within nine weeks of its June 2024 startup.
- World-class reliability of 98 per cent at operated LNG assets.
- A 2% reduction in unit production cost to US$8.1/boe, despite inflationary pressures.
- Strong operating cash flow of US$5.8 billion with an 82 per cent cash margin.
Woodside made significant progress on its major growth projects, with the Scarborough Energy Project now 80 per cent complete and on track for its first LNG cargo in 2026.
The company also expanded its portfolio through strategic acquisitions, including Louisiana LNG and the Beaumont New Ammonia project.
Looking ahead, Woodside is well-positioned for 2025 with a strong balance sheet, a high-performing base business, and an attractive portfolio of projects aimed at delivering value-accretive growth and shareholder returns.
The company will hold its Annual General Meeting on Thursday, May 8, 2025, in Perth, Western Australia.
