Highlights

  • Woodside recorded full-year production of 198.8 MMboe, exceeding 2025 guidance.
  • Pluto LNG maintained 100% reliability for the second consecutive quarter in Q4 2025.
  • Scarborough Energy Project reached 94% completion, targeting first LNG cargo in Q4 2026.

Woodside Energy (ASX:WDS) reported quarterly production of 48.9 MMboe (531 Mboe/d) for Q4 2025, down 4% from Q3 2025 due to seasonal weather impacts and reduced demand on the Australian east coast. Full-year production reached 198.8 MMboe, surpassing the 2025 guidance range of 192–197 MMboe.

Gas production averaged 1,709 MMscf/d, while liquids production averaged 232 Mbbl/d in Q4 2025. Overall daily production averaged 531 Mboe/d, compared to 552 Mboe/d in the previous quarter and 559 Mboe/d in Q4 2024.

Operational Performance
Pluto LNG achieved 100% operational reliability for the second consecutive quarter, while the North West Shelf Project reached 99.8% reliability. Oil assets at Sangomar and Shenzi maintained reliability rates of 99.2% and 98% respectively.

In Australia, LNG production included 11,583 Mboe from Pluto and 6,091 Mboe from North West Shelf. Pipeline gas output from Bass Strait and other projects totaled 7,104 Mboe, and crude oil and condensate production across key Australian assets reached 4,680 Mbbl. NGL production in Australia totaled 931 Mbbl.

International production included Atlantis, Mad Dog, Shenzi, and Sangomar, totaling 15,331 Mbbl of crude oil and condensate, with pipeline gas and NGL production at 408 Mboe and 363 Mbbl respectively.

Project Updates
The Scarborough Energy Project reached 94% completion by year-end, with the Floating Production Unit arriving in Australia. First LNG cargo is scheduled for Q4 2026. Beaumont New Ammonia achieved first ammonia production in December, with final commissioning continuing into early 2026.

Trion Project progressed to 50% completion, with critical topside equipment installation completed and first oil expected in 2028. Louisiana LNG’s three-train foundation development was 22% complete, with Train 1 at 28%.

Sales and Agreements
Woodside executed LNG sale agreements with SK Gas International, BOTAŞ, and JERA, alongside agreements for ammonia supply from Beaumont New Ammonia. The company also extended Pluto-KGP Interconnector arrangements to 2029, facilitating additional LNG and domestic gas production.

Total sales for Q4 2025 reached 52.4 MMboe, with revenue of USD 3,035M, down from USD 3,359M in Q3 2025. The average realized price for the quarter was USD 57/boe.

Financials and Outlook
Preliminary full-year capital expenditure was USD 4,703M, including USD 929M for Louisiana LNG. 2026 production guidance is 172–186 MMboe, with capex expected between USD 4,000–4,500M.

Share perfromacne
WDS traded at AUD 24.87, up 2.26% today at the time of writing.