Woodside Energy Group (ASX: WDS) (NYSE: WDS): Woodside today reported record production of 198.8 million barrels of oil equivalent (MMboe), or 545 Mboe/day, for the full year 2025. The result was underpinned by outstanding production performance at Sangomar, producing at nameplate capacity for most of the year, and world-class reliability at our operated Pluto LNG and NWS Project assets.
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Record production offset lower realised prices resulting in net profit after tax (NPAT) of $2,718 million (24% lower from 2024) and underlying NPAT of $2,649 million (8% lower from 2024).1
The Directors have determined a final dividend of US 59 cents per share (cps), which brings the full-year fully franked dividend to US 112 cps and maintains payout ratio at the top of the range at 80%. The value of the full-year dividend is $2.1 billion.
Woodside Acting CEO Liz Westcott said the record annual production in 2025 exceeded the guidance range and unit production cost decreased 4% from 2024 to $7.8 per barrel of oil equivalent, demonstrating cost discipline.
“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 $2.6 billion and free cashflow1 of $1.9 billion is a testament to the performance of the base business during a period of increased capital expenditure and softening prices.
“The strength of our base business has delivered returns for shareholders, with Woodside having returned approximately $11 billion in dividends since merger completion in 2022. At the same time, we are re-investing in the business and actively refining the portfolio, while maintaining a strong balance sheet and gearing within the targeted range.
“Keeping our people safe is always Woodside’s priority and in a year of increased activity, no high-consequence injuries were recorded. We marked significant safety milestones across our global portfolio, with Sangomar recording no injuries in its first 18 months of operations, and the Scarborough floating production unit marking three years of work without a single lost-time incident.
“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.
“Sangomar produced at nameplate capacity of 100,000 barrels per day for most of 2025 at almost 99% reliability. This translated into $2.6 billion of EBITDA (Woodside share) generated since start-up, demonstrating the asset’s value.1,2
“A high point of 2025 was the final investment decision taken in April on the $17.5 billion three-train, 16.5 million tonne per annum foundation Louisiana LNG project, which was 22% complete at year-end and on target for first LNG in 2029.
“Louisiana LNG’s value proposition was reinforced during the year by the entry of two high-quality partners, with Stonepeak taking a 40% stake in Louisiana LNG Infrastructure LLC and Williams acquiring 10% of Louisiana LNG LLC and 80% of Driftwood Pipeline LLC. These transactions together reduced Woodside’s share of capital expenditure for Louisiana LNG to $9.9 billion, with Stonepeak contributing 75% of capital expenditure in 2025 and 2026. Discussions are ongoing for the potential sale of up to a further 20% of Louisiana LNG LLC.
“During the year, Woodside’s other major cash-generative growth projects progressed to budget and schedule, highlighted by the progress at the Scarborough Energy Project. Scarborough was 94% complete at year-end with the floating production unit arriving on location in Australia in January 2026. Scarborough is on track for first LNG cargo in the fourth quarter of 2026.
“Once operational, Scarborough gas and output from Louisiana LNG will help meet long-term energy demand, as evidenced by the six sales agreements for portfolio supply that Woodside signed in 2025 with buyers in Asia and Europe. These agreements demonstrate the ongoing role of LNG in balancing our customers’ energy security and decarbonisation needs.
“Trion remains on target for first oil in 2028, with the project 50% complete at year end. In 2025 we advanced construction of both the floating production unit and floating storage and offloading unit, with major subsea work set to start this year.
“In December 2025 we achieved first production at Beaumont New Ammonia, and we have secured offtake agreements at prevailing market prices for traditional ammonia. We expect full handover of the project by OCI in the first half of 2026, with production of lower-carbon ammonia targeted for the second half of this year.3
"As detailed in the Annual Report released today, we have achieved our 2025 net equity Scope 1 and 2 greenhouse gas emissions reduction target of 15% below the starting base. This was achieved through a combination of underlying emissions performance at our facilities and the use of carbon credits. Importantly, our gross equity Scope 1 and 2 greenhouse gas emissions were fewer than 2024, despite higher oil and gas production.
“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.”
Financial headlines
Metric |
Units |
FY25 |
FY24 |
Change |
Operating revenue |
$ million |
12,984 |
13,179 |
(1%) |
EBITDA4 |
$ million |
9,277 |
9,276 |
- |
NPAT |
$ million |
2,718 |
3,573 |
(24%) |
Underlying NPAT4 |
$ million |
2,649 |
2,880 |
(8%) |
Operating cashflow |
$ million |
7,192 |
5,847 |
23% |
Free cash flow1,5 |
$ million |
1,889 |
(293) |
745% |
Sales volume7 |
MMboe
|
212.2
|
204.0
|
4%
|
Averaged realised price7 |
$/boe |
60.2 |
63.4 |
(5%) |
Fully franked final dividend |
US cps |
59 |
53 |
11% |
Full-year fully franked dividends |
US cps |
112 |
122 |
(8%) |
Business highlights
Strategic achievements
- Took a positive FID on Louisiana LNG with a lump-sum turn-key Bechtel EPC contract
- Added Stonepeak and Williams as strategic partners for Louisiana LNG, with Woodside’s expected total capital expenditure now $9.9 billion (< 60% of total capital expenditure)8
- Refined our portfolio through the Greater Angostura divestment and progressing Chevron asset swap9
- Commenced first production at Beaumont New Ammonia
- Continued strong interest from debt capital markets with $3.5 billion US bond issuance oversubscribed
Operations and projects
- Record production of 198.8 MMboe, reflecting a high-quality asset base6
- Achieved world-class reliability of 98.4% at KGP, 96.3% at Pluto LNG and 98.7% at Sangomar, supporting consistent revenue delivery and cost efficiency
- Reduced unit production costs to $7.8/boe reflecting cost discipline
- Improved safety outcomes with zero high consequence injuries recorded across our global operations
- Delivered extended plateau production at Sangomar and $1.9 billion of revenue for Woodside in 2025
- Completed successful tiebacks to existing NWS, Bass Strait, Pluto and Mad Dog facilities, capturing incremental volumes at lower capital intensity
- Continued project execution of Scarborough and Trion, which were 94% and 50% complete respectively by the end of 2025, supporting future production and long‑term revenue generation
- Achieved our 2025 target of a 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions below the starting base, and are on track to meet our equivalent 2030 target10,11,12
Full-year results teleconference
A teleconference providing an overview of the full year 2025 results and a question and answer session will be hosted by Woodside Acting CEO, Liz Westcott, and Chief Financial Officer, Graham Tiver, on Tuesday, 24 February 2026 at 10:00 AEDT / 07:00 AWST / 17:00 CST (Monday, 23 February 2026).
We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links:
- https://webcast.openbriefing.com/wds-fyr-2025/ to view the presentation and listen to a live stream of the Q&A session
- https://s1.c-conf.com/diamondpass/10052032-hy76t5.html to participate in the Q&A session. Following pre-registration, participants will receive the teleconference details and a unique access passcode.
The full-year results presentation follows this announcement and will be referred to during the teleconference. The presentation, Annual Report 2025, 2025 Climate and Sustainability Summary and teleconference transcript will also be available on the Woodside website (www.woodside.com).
Filings
Woodside is filing its annual report on Form 20-F for the year ended 31 December 2025 (2025 Form 20-F), which included Woodside’s audited financial statements for the year ended 31 December 2025, with the US Securities and Exchange Commission (the SEC) on 24 February 2026. The 2025 Form 20-F can be downloaded through accessing Woodside’s website at www.woodside.com or from the SEC's website at www.sec.gov. Shareholders may also request a hard copy of the 2025 Form 20-F free of charge at www.woodside.com.
Annual General Meeting
Woodside's Annual General Meeting will be held at 10:00am (AWST) on Thursday, 23 April 2026 in Perth, Western Australia and online.
This announcement was approved and authorised for release by Woodside’s Disclosure Committee.
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1 Non-IFRS financial measure. Refer to the glossary section of the attached presentation for the definition. |
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2 Consists of Sangomar FY2024 EBITDA of $849 million and FY2025 EBITDA of $1,702 million. |
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3 Production of lower-carbon ammonia is conditional on supply of carbon abated hydrogen and ExxonMobil’s CCS facility becoming operational. |
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4 Non-IFRS financial measure. Refer to the glossary section of the attached presentation for the definition. |
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5 The calculation has been updated to adjust for contributions from/(to) NCI and lease repayments. The 2024 comparative has been restated to be presented on the same basis. |
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6 Includes 1.2 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. |
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7 Excludes the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. The 2024 comparative has been restated to be presented on the same basis. |
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8 Woodside’s total capital expenditure for the Louisiana LNG Project is expected to be $9.9 billion against total project cost announced at FID of $17.5 billion. |
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9 Completion of the transaction is subject to customary conditions precedent and remains targeted for completion in H2 2026. |
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10 This means net equity Scope 1 and 2 emissions for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base and that net equity Scope 1 and 2 emissions for the 12-month period ending 31 December 2030 are targeted to be 30% lower than the starting base. |
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11 Net equity Scope 1 and 2 greenhouse gas (GHG) emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 GHG emissions over 2016-2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations. |
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12 In relation to our 2025 equity Scope 1 and 2 GHG emissions, 1,283 kt CO2‑e carbon credits were retired in order to meet our target of 5,334 kt CO2‑e net equity Scope 1 and 2 GHG emissions. This includes retirement of carbon credits subsequent to the period, after full year 2025 gross equity Scope 1 and 2 GHG emissions were calculated and externally assured. |
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Contacts
INVESTORS
Vanessa Martin
M: +61 477 397 961
E: investor@woodside.com
MEDIA
Christine Abbott
M: +61 484 112 469
E: christine.forster@woodside.com
