itstargetnews
Woodside Energy closed 2025 with record annual production of 198.8 million barrels of oil equivalent, beating guidance and supported by strong offshore oil performance and exceptional LNG reliability, while its next wave of LNG and new energy projects moved steadily toward first production.
The company informed annual production of 198.8 million barrels of oil equivalent, exceeding its guidance range and marking its highest annual production to date. Fourth quarter production was 48.9 Mbp, down 4% from the previous quarter due mainly to seasonal weather impacts and lower gas demand off Australia’s east coast.
Operating performance remained outstanding. Sangomar offshore Senegal delivered 99.2% reliability, while the Shenzi deepwater oil field in the US Gulf of Mexico operated at 98% reliability. On the LNG side, Pluto LNG achieved a second consecutive quarter of 100% reliability, with the North West Shelf operating at 99.8%.
Average realized prices fell to $57 per barrel of oil equivalent in the fourth quarter, down 5% quarter-over-quarter, as a result of weaker oil- and gas-linked prices. Despite falling prices, Woodside ended the year with strong cash generation and liquidity of approximately $9.3 billion.
Project execution continues to define Woodside’s investment case. The Scarborough Energy Project, one of Australia’s largest undeveloped gas resources, was 94% complete at the end of the year and remains on budget, targeting first LNG loads in the fourth quarter of 2026. The Scarborough floating production unit has now arrived in Australia, with connection and commissioning underway.
In the United States, Woodside’s Louisiana LNG project reached 22% completion during its three-train foundation phase. The company continues to target first LNG in 2029 and recently de-risked the project by selling a 10% stake and pipeline operation to Williams, which will provide about $1.9 billion in capital and reduce LNG gathering volumes.
Woodside is also expanding beyond traditional hydrocarbons. The Beaumont New Ammonia project in Texas reached first ammonia production in December, with deliveries of conventional ammonia to begin in 2026 and low-carbon ammonia planned for the second half of the year. Management views ammonia as a bridge between existing gas assets and future decarbonization markets.
Meanwhile, the Trion deepwater oil project off the coast of Mexico reached 50% completion and is on track to produce first oil in 2028, while Phase 4 development of the Greater Western Flank on the Northwest Platform was approved, extending the production life with an expected internal rate of return of around 30%.
