Woodside Energy Group Ltd. delivered a confident outlook for its future growth and climate ambitions at its Annual General Meeting on Thursday, as Chair Richard Goyder and CEO Meg O’Neill addressed shareholders in Perth.
Goyder opened the meeting by acknowledging the Whadjuk people of the Noongar nation, before outlining Woodside’s strategic focus amid ongoing geopolitical and market uncertainty.
“Against a backdrop of geopolitical and market uncertainty, and a complex energy transition, investors are looking for Woodside to provide strategic clarity and resilience,” Goyder said.
“Our shareholders want confidence that when Woodside sets financial, project and sustainability targets, we have the plan and capability to deliver on them. Our performance over the past year has demonstrated once again that this is the case.”
Financially, Woodside reported a full-year net profit after tax of US$3.6 billion and underlying NPAT of US$2.9 billion, supported by strong returns from its base business, disciplined cost management, and equity sell-downs in its Scarborough Energy Project.
“This allowed us to once again return dividends to shareholders at the top end of our target payout range, with a 2024 full-year dividend of 122 US cents per share,” Goyder stated.
“Indeed, since Woodside’s merger with BHP’s petroleum business in 2022, we have returned more than US$9.7 billion to our shareholders as dividends.”
Goyder highlighted major projects under construction — including Beaumont New Ammonia, Scarborough, Trion, and Louisiana LNG — that are expected to move into production over the next few years.
“We forecast Woodside’s annual portfolio sales volumes to be almost 50 per cent higher in the 2030s than they are today, and annual net operating cash increasing to over US$8 billion in this period,” he said.
“This would represent a step-change in value creation and provide us with additional options to reward our shareholders.”
On the energy transition, Goyder emphasised the challenges of decarbonisation and the ongoing role of gas in Australia’s energy mix.
“It is not a simple task to provide reliable, affordable and zero emissions energy to consumers and businesses within a short period of time,” he said.
“And it is made all the harder when opportunities to achieve real emissions reduction — from coal-to-gas switching, or carbon capture and storage — are taken off the table.”
He called for an energy policy that is “clear in its commitment to net zero by 2050, but also achieves affordability and reliability, maintaining our domestic energy advantage and significant export income.”
“Full implementation of the Australian government’s Future Gas Strategy can play a key role in this approach, by supporting energy security and decarbonisation in Australia and our region.”
Goyder also reaffirmed the company’s climate commitments, stating: “We have not walked back from our climate targets and commitments.
“As outlined in our 2024 Climate Update, we are making good progress towards the targets we have set.
“We will, of course, continue listening to our shareholders, who have diverse views, and take your feedback into account as we evolve our approach.”
CEO and Managing Director Meg O’Neill echoed the company’s confidence in its strategy and execution.
“Our shareholders can have confidence in Woodside’s considered, disciplined strategy to thrive through the energy transition.
“You can be equally assured that we are delivering against all elements of this strategy — by providing energy to meet growing demand, creating and returning shareholder value, and conducting our business sustainably.
“We are doing what we say we will do, meeting our commitments to customers, investors and the broader community,” O’Neill said.
She noted record annual production, strong reliability at Australian LNG assets, and “outstanding early performance from our Sangomar Project”.
O’Neill highlighted cost management achievements, stating: “Just as pleasing has been our ability to match increased production with reduced unit operating costs, a great achievement given inflationary pressures in Australia and globally.”
O’Neill also provided an update on the Scarborough Energy Project, stating: “These include our Scarborough Energy Project offshore Western Australia, which is now more than 80 per cent complete and on track for first LNG cargo in the second half of 2026.
“Scarborough is one of the most cost-competitive LNG projects under construction.
“With near zero reservoir CO2 and efficient facilities, Scarborough LNG will also be one of the lowest carbon intensity LNGs delivered to customers in north Asia.”
Both leaders concluded by reiterating Woodside’s commitment to delivering enduring value through the energy transition.
“I am confident the decisions we are taking today will reap significant long-term benefits for our shareholders, as we build a resilient, cash-generative business that is well positioned to deliver enduring value through the energy transition,” Goyder said.
