Woodside Energy Group has reported robust operational and financial results for the first quarter of 2025, driven by exceptional production at its flagship Sangomar project and continued progress across its major growth initiatives.
The company delivered quarterly production of 49.1 million barrels of oil equivalent (MMboe), representing a 9 per cent increase from the same period last year, largely due to the addition of Sangomar in Senegal to its portfolio.
However, this marked a 4 per cent decline from the previous quarter, attributed to adverse weather at the North West Shelf and unplanned outages at the Pluto LNG facility.
These setbacks were partially offset by higher output from the Shenzi and Atlantis fields.
Quarterly revenue reached US$3.32 billion, up 13 per cent year-on-year, buoyed by the Sangomar start-up in July 2024 and strong gas hub-linked prices.
Compared to the previous quarter, revenue was down 5 per cent due to lower production and softer oil-linked prices.
Woodside CEO Meg O’Neill highlighted the company’s operational achievements, stating: “We maintained world-class operational performance across our portfolio of high-quality assets, with Sangomar further boosting quarterly revenue through exceptional production of 78 thousand barrels per day at almost 98 per cent reliability.
“Significant progress was made on our major growth projects, all of which are proceeding to schedule and within budget.”
Project execution remained strong throughout the quarter.
The Beaumont New Ammonia Project reached 90 per cent completion, with pre-commissioning activities set to begin in the second quarter and startup targeted for the second half of 2025.
The Scarborough Energy Project advanced to 82 per cent completion and is on track for its first LNG cargo in the second half of 2026.
Meanwhile, the Trion Project, now 26 per cent complete, remains scheduled for its first oil in 2028.
Woodside continued to streamline its portfolio, divesting the Greater Angostura assets in Trinidad and Tobago and, after the quarter’s end, agreeing to sell a 40 per cent interest in Louisiana LNG Infrastructure LLC.
The company also secured a long-term LNG sale and purchase agreement with Uniper for up to two million tonnes per annum.
O’Neill underscored the company’s strategic direction, stating: “At our Beaumont New Ammonia Project, pre-commissioning activities are expected to commence in the second quarter, with startup targeted for the second half of the year.
“This value-creating opportunity is set to deliver returns above our capital allocation framework and will position Woodside very competitively in the growing market for lower-carbon ammonia.”
Looking at the broader market and policy environment, O’Neill added: “As Australia approaches a federal election, it is encouraging to see both major parties recognising the essential role of gas in supporting national prosperity and a stable energy transition.
“We look forward to certainty for ongoing operations at the North West Shelf beyond 2030, to enable it to support thousands of direct and indirect jobs, billions of dollars in taxes and royalties, and secure future gas supply to Western Australia.”
Customer demand for Woodside’s LNG remains robust, with the company signing its fourth long-term contract with a regional customer in just over a year.
The company reaffirmed its full-year 2025 production guidance of 186–196 MMboe and continues to focus on core and high-value assets.
Woodside’s disciplined approach to portfolio management was further demonstrated by its decision to divest non-core assets and reassess certain projects, as O’Neill noted: “With significant growth in the pipeline, we continue to streamline our business to focus on core and high-value assets.
“Our agreement to divest the Greater Angostura assets in Trinidad and Tobago for US$206 million underscores our disciplined approach to portfolio management and optimisation.
“We applied the same discipline in declining to progress Namibian Petroleum Exploration Licence 87, exiting H2TAS and reassessing the H2OK project.”
