Woodside Energy has reported record annual production for 2025, even as lower commodity prices weighed on profit, and pledged to ramp up a suite of LNG, oil and ammonia projects while maintaining strong shareholder returns.
The company produced 198.8 million barrels of oil equivalent (MMboe), or 545 Mboe/day, for the year, underpinned by outstanding production performance at Sangomar, producing at nameplate capacity for most of the year, and world-class reliability at its Pluto LNG and NWS Project assets.
Record output helped offset softer prices, with operating revenue easing 1 per cent to US$12,984 million compared with 2024, while net profit after tax fell 24 per cent to US$2,718 million and underlying NPAT declined 8 per cent to US$2,649 million.
Operating cash flow rose to US$7,192 million, up 23 per cent, and free cash flow swung from a negative US$293 million in 2024 to US$1,889 million in 2025, reflecting strong cash generation despite a period of elevated capital expenditure.
Average realised price slipped 5 per cent to US$60.2 per barrel of oil equivalent, but sales volumes increased by 4 per cent to 212.2 MMboe, or 581 Mboe/day.
The board declared a fully franked final dividend of US 59 cents per share, taking the full-year fully franked dividend to US 112 cps, down from 122 cps in 2024 but maintaining an 80 per cent payout ratio and delivering US$2.1 billion to shareholders.
Acting CEO Liz Westcott said record production exceeded guidance and unit production cost fell 4 per cent to US$7.8 per barrel of oil equivalent.
“The outstanding full-year results reflected the disciplined execution of Woodside’s strategy, while maintaining safe, reliable and sustainable operations.
“Our strong underlying NPAT of US$2.6 billion and free cash flow of US$1.9 billion is a testament to the performance of the base business during a period of increased capital expenditure and softening prices,” she said.
Westcott highlighted the strength of the company’s portfolio and capital management.
“The strength of our base business has delivered returns for shareholders, with Woodside having returned approximately US$11 billion in dividends since merger completion in 2022.
“At the same time, we are reinvesting in the business and actively refining the portfolio, while maintaining a strong balance sheet and gearing within the targeted range.”
She also pointed to improved safety outcomes, noting no high-consequence injuries in 2025 and strong performance at key projects, including Sangomar and the Scarborough floating production unit.
On growth, Woodside advanced its next wave of LNG and oil developments.
“A high point of 2025 was the final investment decision taken in April on the US$17.5 billion three-train, 16.5 million tonne per annum foundation Louisiana LNG project, which was 22 per cent complete at year-end and on target for first LNG in 2029,” Westcott said.
She said the entry of Stonepeak and Williams as partners reduced Woodside’s share of capital expenditure for Louisiana LNG to US$9.9 billion and that discussions continue on the potential sale of up to a further 20 per cent of Louisiana LNG LLC.
Scarborough was 94 per cent complete at year-end, with first LNG cargo targeted for the fourth quarter of 2026, while Trion remained on track for first oil in 2028 at 50 per cent completion.
Beaumont New Ammonia achieved first production in December 2025, and full handover is expected in the first half of 2026, with lower‑carbon ammonia production targeted for the second half of the year.
Woodside also confirmed it met its 2025 net equity Scope 1 and 2 greenhouse gas emissions reduction target of 15 per cent below the starting base, despite higher oil and gas production, through a combination of facility performance and carbon credits.
Looking ahead, Westcott said: “Woodside’s objectives for 2026 are clear: ramp up Beaumont; deliver first LNG cargo from Scarborough; and continue progressing Louisiana LNG and Trion to schedule and budget.
“We will remain focused on creating long-term value through disciplined capital allocation, maintaining strong liquidity and actively managing the portfolio.”
