The Woodside Energy Group Ltd (ASX: WDS) share price managed to shake off the rather dismal performance we witnessed through much of 2024 to finish January 2025 in the green.
Shares in the S&P/ASX 200 Index (ASX: XJO) energy stock closed out December trading for $24.60. When the closing bell rang on 31 January, shares were changing hands for $24.71 apiece.
While this saw the Woodside share price up 0.5% for the month, the performance still significantly trailed the 4.6% gains posted by the ASX 200.
Longer term, Woodside stock remains down more than 23% since this time last year. Though the pain for investors will be somewhat alleviated by the company's dividend payouts. The ASX 200 oil and gas stock currently trades on a fully franked trailing dividend yield of around 8%.
Here's what's been happening in the month just past.
Woodside share price rises and falls with volatile oil markets
One of the biggest impacts on the Woodside share price in January, as in all months, is the market price for the oil and gas it pumps from the earth.
Taking global benchmark Brent crude oil as an example, on 31 December a barrel of Brent was trading for US$75 per barrel. After hitting highs north of US$82 per barrel on 15 January this year, the oil price retraced to end the month at US$76 per barrel, according to data from Bloomberg.
To illustrate the impact of movements in the oil price on Woodside stock, the company's shares hit their own 2025 high of $25.91 per share on 14 January as global oil prices were charging higher.
December quarterly production slips
The Woodside share price went into reverse on 22 January after the company released its December quarter results
Investors sent the stock down 1.9% on the day after Woodside reported a 6% year-on-year decline in quarterly revenue to $3.47 billion. Production for the three months came in at 51.4 million barrels of oil equivalent (MMboe), down 3% from the prior corresponding period.
Revenue and production were both impacted by lower seasonal demand at Bass Strait, with production levels also encumbered by an unplanned shutdown at Woodside's Pluto project.
But there were plenty of positive developments as well.
With Woodside's Sangomar project producing 75 thousand barrels of oil equivalent per day (Mboe/day), the company achieved record 2024 calendar year production of 194 MMboe, at the high end of Woodside's full-year production guidance range.
"Our high-quality assets continued to deliver outstanding performance in the quarter, underpinned by Sangomar producing 75 thousand barrels of oil equivalent per day at 95% reliability, driving record annual production of 194 million barrels of oil equivalent," Woodside CEO Meg O'Neill said on the day.
Looking to its future growth prospects, at the end of the quarter, Woodside's Scarborough Energy project was 78% complete, while its Trion project was 20% complete.
Part way through the second trading day of February, the Woodside share price stands at $24.50. That's down 0.85% since the closing bell on 31 January, with Brent crude oil now trading for US$75.46 per barrel.
