Woodside Publishes First Quarter 2025 Results
Woodside Energy Group has released its first quarter 2025 report, highlighting strong operational performance, continued progress on strategic projects, and steps to position the company for long-term value creation. CEO Meg O’Neill emphasized that the company maintained world-class performance across its portfolio and continued to deliver on major growth initiatives.
Strong Operational Execution and Production Gains
Throughout the first quarter, Woodside demonstrated robust operational excellence, with particularly noteworthy output from the Sangomar field in Senegal. This project delivered an impressive 78,000 barrels per day with nearly 98% reliability, significantly contributing to quarterly revenue and showcasing the strength of the company’s upstream operations.
Overall production for Q1 2025 reached 49.1 million barrels of oil equivalent (MMboe), representing a 9% increase compared to Q1 2024, though slightly down 4% from Q4 2024. Total liquids production saw a substantial year-over-year jump of 44%, underscoring improved efficiency and increased output from key assets.
Revenue and Market Performance
Total revenue for the quarter stood at $3.315 billion, marking a 13% rise from the same quarter last year, despite a modest 5% dip compared to Q4 2024. Sales volumes echoed this trend, reaching 50.2 MMboe, up 10% from Q1 2024. The company achieved an average realized price of $65 per boe, up from $63 a year earlier.
While gas sales volumes remained stable at 1,962 MMscf/d compared to 1,950 MMscf/d in Q1 2024, they declined from 2,129 MMscf/d in Q4 2024. Liquids sales, however, remained strong at 213 Mbbl/d, a 34% increase year-over-year.
Progress on Strategic Projects
Woodside reported significant developments across its portfolio of growth projects:
- Beaumont New Ammonia Project: Pre-commissioning is set to begin in Q2 2025, with startup planned for the second half of the year. The project aligns with Woodside’s commitment to producing lower-carbon energy and is expected to deliver returns exceeding the company’s capital allocation framework.
- Scarborough Energy Project: Progress continues on schedule toward first LNG cargo in H2 2026. Integration work is ongoing on the floating production unit.
- Trion Project: The development of subsea and floating production systems is advancing as planned, with first oil targeted for 2028.
- Louisiana LNG: A key milestone was achieved with the sale of a 40% stake in the project’s infrastructure entity to Stonepeak. This partnership enhances project returns, reduces Woodside’s capital exposure, and bolsters near-term shareholder value. A long-term supply agreement with Uniper further validates the project’s commercial viability.
Woodside is actively engaging with other potential strategic investors to facilitate further equity sell-downs in Louisiana LNG. Additionally, the project’s Foreign-Trade Zone status allows tariff deferrals, a notable advantage given recent trade policy shifts.
Capital Management and Shareholder Value
In Q1 2025, capital expenditure totaled $1.806 billion, a 56% increase year-over-year, though down 33% from Q4 2024. Of this, $901 million was directed toward the Louisiana LNG project, highlighting its strategic significance. Excluding Louisiana LNG, capex was $905 million, down 22% from Q1 2024.
Woodside remains focused on disciplined portfolio optimization. The $206 million divestment of the Greater Angostura assets in Trinidad and Tobago reflects this approach. Likewise, the company exited the Namibian Petroleum Exploration Licence 87 and discontinued involvement in H2TAS and H2OK, refining its strategic focus on core assets.
Regulatory and Market Outlook
CEO O’Neill expressed optimism about Australia’s political landscape ahead of the federal election, noting bipartisan support for natural gas as a critical element of national energy stability and economic resilience. The future of the North West Shelf remains a priority, with efforts underway to secure its operational certainty beyond 2030.
Customer interest in Woodside’s LNG portfolio remains robust. The 15-year agreement with China Resources, announced during Q1, marks the company’s fourth long-term contract in the Asia-Pacific region in just over a year. Such deals reinforce Woodside’s strong positioning in key markets.
