Woodside Energy Achieves Record Production and Strengthens Growth Portfolio in FY2025
Woodside Energy Group has announced a landmark year in 2025, reporting record production, robust operational performance, and strategic progress across its global portfolio. The company achieved an all-time high of 198.8 million barrels of oil equivalent (MMboe), averaging 545 thousand barrels of oil equivalent per day (Mboe/d). This milestone was driven by strong output from key assets, including the Sangomar field, Pluto LNG, and the North West Shelf (NWS) Project, highlighting Woodside’s operational excellence and cost discipline.
Despite lower realized oil and gas prices, the company delivered a net profit after tax (NPAT) of $2,718 million, representing a 24% decrease compared to FY2024, while underlying NPAT stood at $2,649 million, down 8% from the prior year. Woodside’s financial resilience is reflected in its continued ability to generate strong cashflows, with free cash flow reaching $1,889 million, a significant increase from a negative $293 million in 2024.
To reward shareholders, the Board declared a final dividend of US 59 cents per share (cps), bringing the full-year fully franked dividend to US 112 cps, maintaining a payout ratio at the top end of the company’s target range at 80%, equating to a total dividend value of approximately $2.1 billion.
Strong Operational Performance Underpins Record Production
Woodside’s Acting CEO, Liz Westcott, emphasized that the record production levels were achieved through disciplined operational execution, strong safety culture, and sustained reliability across core assets. “Our record annual production in 2025 exceeded the guidance range, while unit production costs decreased 4% year-on-year to $7.8 per boe, demonstrating cost efficiency and operational discipline,” Westcott noted.
The Sangomar field, in particular, contributed significantly to the company’s results, producing at nameplate capacity of 100,000 barrels per day for most of the year with nearly 99% reliability. Since start-up, Sangomar has generated approximately $2.6 billion of EBITDA (Woodside share), underscoring the asset’s contribution to the company’s earnings and cashflow generation.
Meanwhile, Woodside’s operated Pluto LNG and NWS Project assets delivered world-class reliability, supporting stable production volumes and enhancing cost efficiency. Overall, Woodside achieved high operational standards, including zero high-consequence injuries across its global operations, reflecting the company’s ongoing commitment to safety and workforce well-being. Notably, Sangomar recorded no injuries in its first 18 months of operations, while the Scarborough floating production unit marked three years without a single lost-time incident.
Strategic Investments and Growth Projects
Woodside made significant strides in advancing its major growth projects. A highlight of 2025 was the Final Investment Decision (FID) on the Louisiana LNG project, a $17.5 billion, three-train facility with a capacity of 16.5 million tonnes per annum. At year-end, the project was 22% complete and on track to deliver its first LNG in 2029.
The Louisiana LNG project benefited from the entry of strategic partners, with Stonepeak acquiring a 40% stake in Louisiana LNG Infrastructure LLC and Williams acquiring 10% of Louisiana LNG LLC as well as 80% of the Driftwood Pipeline LLC. These partnerships reduced Woodside’s share of capital expenditure to $9.9 billion, with Stonepeak contributing 75% of the 2025 and 2026 capital expenditure, enabling the company to manage its capital efficiently while maintaining a strong balance sheet. Ongoing discussions are underway regarding the potential sale of an additional 20% of Louisiana LNG LLC, which would further enhance capital efficiency and de-risk the project.
Progress continued on the Scarborough Energy Project, which was 94% complete by year-end, with the floating production unit arriving on location in Australia in January 2026. The project remains on schedule for its first LNG cargo in Q4 2026. Similarly, the Trion oil project in the Gulf of Mexico achieved 50% completion by year-end, with construction advancing on the floating production unit and floating storage and offloading unit, while major subsea work is slated to commence this year.
Diversification into Ammonia Production
Expanding its portfolio beyond oil and gas, Woodside reached first production at Beaumont New Ammonia in December 2025. Offtake agreements have been secured at prevailing market prices for traditional ammonia, with full handover of the project expected by the first half of 2026. Production of lower-carbon ammonia is targeted for the second half of 2026, positioning Woodside to leverage the growing global demand for decarbonized energy solutions.
Financial Performance and Shareholder Returns
Woodside’s FY2025 results demonstrate resilience amid a challenging market environment. Key financial highlights include:
- Operating revenue: $12,984 million, a slight 1% decline from 2024 due to lower realized prices.
- EBITDA: $9,277 million, essentially flat year-on-year.
- NPAT: $2,718 million, down 24%, while underlying NPAT decreased 8% to $2,649 million.
- Operating cashflow: $7,192 million, a 23% increase, reflecting strong operational efficiency.
- Free cash flow: $1,889 million, a remarkable 745% increase.
- Sales volumes: 212.2 MMboe, up 4% year-on-year, with daily production of 581 Mboe/d.
- Averaged realized price: $60.2/boe, down 5% compared to FY2024.
- Dividends: Full-year fully franked dividends totaled 112 US cps, maintaining shareholder returns at the top of the target range.
The company continues to return value to shareholders, having distributed approximately $11 billion in dividends since the merger completion in 2022, while simultaneously reinvesting in high-quality growth projects to ensure sustainable long-term earnings.
Operational and Strategic Milestones
Woodside’s 2025 achievements were underpinned by a combination of disciplined project execution, strategic portfolio management, and environmental responsibility:
- Operational Excellence: Record production, reduced unit costs, and high reliability at key assets, including Pluto LNG, KGP, and Sangomar.
- Portfolio Refinement: Divestment of the Greater Angostura asset and progress on the Chevron asset swap strengthened the company’s focus on high-value growth assets.
- Project Execution: Scarborough and Trion projects progressed on schedule, ensuring future revenue streams and production capacity.
- Safety Leadership: No high-consequence injuries across global operations, with significant milestones at Sangomar and Scarborough.
- Environmental Responsibility: Achieved a 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions, aligning with long-term climate objectives and supporting the company’s path toward 2030 emissions targets.
Market Expansion and LNG Supply Agreements
Woodside strengthened its commercial position through six portfolio supply agreements signed in 2025 with buyers in Asia and Europe. These agreements reinforce LNG’s ongoing role in supporting energy security and decarbonization initiatives worldwide. The expansion of Scarborough and Louisiana LNG, combined with the Trion project, positions Woodside to meet rising global demand for energy while providing cleaner energy alternatives, including lower-carbon ammonia.
Strategic Capital Management
Woodside has continued to attract strong support from the capital markets. In 2025, the company completed an oversubscribed US$3.5 billion bond issuance, demonstrating investor confidence in the company’s strategic direction and operational capabilities. At the same time, Woodside’s capital allocation strategy prioritizes disciplined investment in high-quality projects, careful portfolio management, and maintaining liquidity and a strong balance sheet.
Outlook for 2026
Looking ahead, Woodside has outlined clear objectives for 2026:
- Ramp up Beaumont New Ammonia production and integrate lower-carbon ammonia capabilities.
- Deliver the first LNG cargo from Scarborough, marking a key milestone for the company’s Australian LNG portfolio.
- Progress the Louisiana LNG and Trion projects according to schedule and budget, ensuring timely delivery of future growth.
- Continue to manage capital prudently, maintain strong liquidity, and actively refine the portfolio to maximize shareholder returns.
Acting CEO Liz Westcott reiterated Woodside’s commitment to creating long-term value: “We are delivering on our commitments by leveraging our proven operational excellence, demonstrated project execution and delivery, and continued financial discipline to reward shareholders today while positioning Woodside for future value and growth.”
Annual General Meeting and Investor Engagement
Woodside will host its Annual General Meeting on Thursday, 23 April 2026, at 10:00 AM (AWST) in Perth, Western Australia, with an online participation option. Additionally, a teleconference reviewing the full-year results will be conducted on Tuesday, 24 February 2026, featuring Acting CEO Liz Westcott and CFO Graham Tiver. The session will cover the FY2025 results in detail and provide an opportunity for a Q&A session with investors.
Supporting documentation, including the Annual Report 2025, 2025 Climate and Sustainability Summary, and teleconference transcript, is available on Woodside’s website (www.woodside.com). The company has also filed its Form 20-F with the US Securities and Exchange Commission (SEC) for the fiscal year ended 31 December 2025.
