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. 

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 cashflow(1) 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 reinvesting 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.”

(1) Non-IFRS financial measure. Refer to the glossary section of the attached presentation for the definition
(2) Consists of Sangomar FY2024 EBITDA of $849 million and FY2025 EBITDA of $1,702 million 
(3) Production of lower-carbon ammonia is conditional on supply of carbon abated hydrogen and ExxonMobil’s CCS facility becoming operational 

Reserves

At year end 2025, Woodside had remaining proved (1P) reserves of 1,882.1 MMboe, remaining proved plus probable (2P) reserves of 2,999.5 MMboe, and remaining 2C contingent resources of 5,795.7 MMboe.(1)

Excluding divestments and production, proved reserves increased by 134.1 MMboe, and proved plus probable reserves increased by 141.0 MMboe, reflecting another year of strong performance from the portfolio. 

At 31 December 2025, Woodside’s remaining proved reserves were 1,882.1 MMboe, compared with 1,975.7 MMboe at 31 December 2024. Proved plus probable reserves remaining were 2,999.5 MMboe, compared with 3,092.2 MMboe at 31 December 2024. 2C contingent resources remaining were 5,795.7 MMboe, compared with 5,869.7 MMboe at 31 December 2024.(1)

Reservoir performance and technical updates across assets in Australia, Senegal and the United States resulted in proved reserves increases of 104.0 MMboe and proved plus probable reserves increases of 86.0 MMboe. Prominent drivers included technical updates at Pluto following production performance that exceeded expectations, and continued strong performance at Sangomar including booking of reserves associated with water injection for the S400 reservoirs. These updates reflect ongoing reservoir surveillance and strong operational performance across Woodside’s core producing assets. 

Sanctioning of projects resulted in proved reserves increase of 30.1 MMboe and proved plus probable increase of 55.0 MMboe. This included final investment decisions on Greater Western Flank 4 (North West Shelf), Turrum Phase 3 (Bass Strait) and Atlantis major facilities expansion and demonstrated 
Woodside’s commitment to advancing high-value developments that support long-term production. 

Woodside has a proved reserves life of 8.9 years and a proved plus probable reserves life of 14.2 years at 2025 production levels. 

(1) Proved reserves for 2025 include 170.3 MMboe of fuel; proved plus probable reserves for 2025 include 267.9 MMboe of fuel; 2C contingent resources for 2025 include 359.8 MMboe of fuel (Woodside share). Proved reserves for 2024 include 178.2 MMboe of fuel; proved plus probable reserves for 2024 include 273.4 MMboe of fuel; 2C contingent resources for 2024 include 360.3 MMboe of fuel (Woodside share)

KeyFacts Energy: Woodside Australia country profile