In 2025, Woodside Energy achieved record production of 198.8 million barrels of oil equivalent, driven by key assets including the Sangomar field, Pluto LNG, and the NWS projects. However, the company's financial performance was impacted by lower commodity prices. Full-year net profit after tax fell 24% to US$2.718 billion, while underlying NPAT decreased 8% to US$2.649 billion. Despite this, the company demonstrated cost discipline with a 4% reduction in unit production cost to US$7.8 per boe and generated strong cash flow, supporting a full-year dividend of US$1.12 per share.

Strategic Projects and Portfolio Development

Woodside advanced several major strategic projects during the year. The final investment decision was taken for the US$17.5 billion Louisiana LNG project in the US, which was 22% complete by year-end and remains on schedule for a 2029 start-up. The company divested a combined 50% stake in this project and is in discussions to sell up to a further 20%. In Australia, the Scarborough LNG and gas project was 94% complete and is targeting its first cargo in the fourth quarter of 2026. Offshore Mexico, the Trion field development is on track for first oil in 2028.

Future Outlook and Project Strategy

Woodside's key objectives for 2026 include ramping up its Beaumont ammonia project in the US, delivering the first LNG cargo from Scarborough, and continuing to progress the Louisiana LNG and Trion projects on schedule and budget. The Louisiana LNG project is designed as a scalable, multi-phase facility. A brownfield expansion opportunity for Trains 4 and 5 could add 11.1 million tonnes per annum of capacity. The company notes that replicating technology from the foundation phase and leveraging shared infrastructure makes this expansion highly cost-competitive compared to a greenfield project. Engineering studies were commenced in 2025 to assess potential capacity enhancements for the project.

Leadership Transition

The company is expected to confirm a new Chief Executive Officer by the end of March 2026, following the resignation of the previous CEO.