Woodside Energy Group Ltd reported record annual production of 198.8 million barrels of oil equivalent (MMboe) for 2025, a 7 % year‑over‑year decline in unit production cost to $7.80 per boe. Revenue for the year reached $3.04 billion, exceeding analyst expectations and remaining flat against the $3.07 billion reported in 2024, a result that reflects lower oil‑linked and gas pricing but is offset by strong LNG output.
Operational milestones highlighted the company’s progress across its LNG portfolio. The Scarborough Energy Project is 94 % complete, with the floating production unit safely arriving and hook‑up activities underway. Beaumont New Ammonia achieved first production in December 2025 and will begin conventional ammonia deliveries in 2026. The Louisiana LNG foundation phase is 22 % complete, targeting first LNG in 2029.
Woodside’s guidance for 2025 remains robust: production is projected between 192 MMboe and 197 MMboe, and unit cost is expected to range from $7.60 to $8.10 per boe. Capital expenditure excluding Louisiana LNG is forecast at $3.7 billion to $4.0 billion, while Louisiana LNG capex is projected at $930 million to $1.2 billion. For 2026, the company expects production to fall to 172 MMboe–186 MMboe, reflecting planned downtime for the Scarborough Energy Project startup and modifications at Pluto LNG.
Acting CEO Liz Westcott said the record production was driven by sustained plateau production at Sangomar and high reliability at Pluto LNG, and she highlighted the milestone of the Scarborough floating unit arrival as a key step toward commercial operation. Westcott also noted the company’s continued focus on cost discipline, which has helped maintain margins despite lower commodity prices.
The results underscore Woodside’s strong execution and cost control, but the flat revenue trajectory signals ongoing pricing pressure in the oil and gas markets. The company’s guidance signals confidence in its LNG projects while acknowledging a short‑term production dip in 2026 due to major project start‑ups. Woodside’s expansion into ammonia and its partnership with Williams for Louisiana LNG position it to diversify revenue streams and strengthen its competitive stance in the global LNG market.
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