Woodside Energy Group (WDS) H2 2025 earnings summary

Executive summary

• Achieved record annual production of 198.8 million barrels of oil equivalent in 2025, exceeding guidance, with zero high-consequence injuries and strong reliability across the portfolio.

• Underlying net profit after tax was $2.6 billion, with NPAT of $2.7 billion, supported by record production and offset by lower realized prices compared to 2024.

• Major growth projects (Scarborough 94% complete, Trion 50% complete, Louisiana LNG 22% complete, Beaumont New Ammonia) progressed on budget and schedule, with key milestones achieved.

• Achieved 15% reduction in net equity Scope 1 and 2 GHG emissions versus base year.

• Delivered strong shareholder returns with $2.1 billion in fully franked dividends and a final dividend of $0.59 per share, totaling $1.12 per share for the year (80% payout ratio of underlying NPAT).

Financial highlights

• EBITDA margin exceeded 70% in 2025, with EBITDA of $9.3 billion.

• Free cash flow of $1.9 billion generated despite increased capital expenditure and softer prices.

• Gearing at 18.2%, within the 10%-20% target range, and liquidity increased to $9.3 billion at year-end.

• Operating revenue of $13.0 billion, down 1% year-over-year.

• Brent hedges for 2025 were positive; 18 million barrels hedged for 2026 at ~$70.

Outlook and guidance

• 2026 is a transition year with major Pluto turnaround and Scarborough ramp-up; production guidance of 172–186 MMboe and capital expenditure guidance of $4.0–4.5 billion.

• Scarborough on track for first LNG cargo in Q4 2026; Louisiana LNG targeting first LNG in 2029; Trion targeting first oil in 2028.

• Beaumont New Ammonia ramp-up expected, with 2–3 MMboe production contribution in 2026.

• ~75% of LNG volumes contracted for 2026–2028.

• Continued focus on disciplined cost control, portfolio optimization, and capital allocation.