The Woodside Energy Group Ltd (ASX: WDS) share price is in focus today after the oil and gas producer reported record full-year production of 198.8 million barrels of oil equivalent, exceeding its 2025 guidance, and continued strong reliability across key assets.
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What did Woodside Energy Group report?
- Full-year production reached a record 198.8 MMboe, above the 192–197 MMboe guidance range.
- Quarterly production was 48.9 MMboe, down 4% from Q3, mainly due to weather and reduced east coast demand.
- Full-year revenue was US$12,984 million, steady compared to 2024 (US$13,179 million).
- Average realised quarterly price was US$57/boe, down 5% on the previous quarter.
- Capital expenditure for the year came in at US$4,703 million, with US$929 million spent on the Louisiana LNG project.
- Oil asset reliability remained strong, including 99.2% at Sangomar and 98% at Shenzi.
What else do investors need to know?
Woodside progressed major projects, with the Scarborough Energy Project 94% complete and on track for first LNG in Q4 2026, and the Trion Project at 50% completion targeting first oil in 2028. The company achieved a key milestone at the Beaumont New Ammonia Project, producing first ammonia in December.
Strategic partnerships were strengthened—Woodside completed the sell-down of a 10% interest in Louisiana LNG and 80% of Driftwood Pipeline to US gas company Williams. The move brings US$1.9 billion in capital and additional LNG offtake support.
Management changes saw Liz Westcott appointed Acting CEO after the resignation of Meg O'Neill. The board is expected to announce a permanent successor in early 2026.
What did Woodside Energy Group management say?
Acting CEO Liz Westcott said:
We achieved record annual production of 198.8 million barrels of oil equivalent in 2025. This performance was driven by sustained plateau production at Sangomar through late October and Pluto LNG operating at 100% reliability for the second half of the year. In recent days we marked a special milestone for the Scarborough Energy Project with the safe arrival of the floating production unit at the field and commencement of hook-up activities. The project was 94% complete at the end of the year and remains on budget and on target for first LNG cargo in Q4 2026.
What's next for Woodside Energy Group?
Looking ahead, Woodside's 2026 guidance targets hydrocarbon and ammonia production of 172–186 MMboe. A planned major turnaround at Pluto LNG Train 1 is expected to impact volumes in Q2 2026 as preparations ramp up for Scarborough's start.
The focus remains on delivering key projects safely and maintaining cost discipline, while supporting the CEO transition. Final project commissioning at Beaumont New Ammonia continues, and long-term supply agreements have been struck for both LNG and ammonia, supporting future revenue streams.
Woodside Energy Group share price snapshot
Over the past 12 months, Woodside Energy Group shares have remained flat, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 6% over the same period.
