Woodside Energy Group (WDS) Q4 2025 earnings summary

Executive summary

• Achieved record annual production of 198.8 MMboe in 2025, surpassing guidance, with strong reliability at key assets and major project milestones reached, including Scarborough Energy Project at 94% completion and Beaumont New Ammonia achieving first production.

• Advanced growth projects: Trion Project 50% complete, Louisiana LNG Project 22% complete, and Greater Western Flank Phase 4 approved, extending North West Shelf production by about one year.

• Completed strategic sell-downs and partnerships, including a 10% interest in Louisiana LNG and 80% in Driftwood Pipeline to Williams, securing $1.9 billion in capital and offtake obligations.

• Appointed Liz Westcott as Acting CEO following the resignation of Meg O'Neill.

Financial highlights

• Q4 2025 revenue was $3,035 million, down 10% from Q3 and 13% year-over-year; full-year revenue was $12,984 million, down 1% from 2024.

• Q4 production was 48.9 MMboe, down 4% sequentially, but full-year production rose 3% year-over-year.

• Average realised price in Q4 was $57/boe, down 5% from Q3 and 10% year-over-year.

• Capital expenditure for 2025 was $4,703 million, a 42% decrease from 2024; capex excluding Louisiana LNG was $3,774 million.

• Hedging delivered a pre-tax profit of $221 million for 2025.

Outlook and guidance

• 2026 production guidance is 172–186 MMboe, reflecting planned downtime at Pluto for Scarborough integration.

• 2026 capital expenditure guidance is $4,000–$4,500 million, with major allocations to Louisiana LNG, Scarborough, and Trion.

• First LNG from Scarborough targeted for Q4 2026; Trion first oil expected in 2028; Louisiana LNG first LNG in 2029.