Woodside Energy Releases Fourth Quarter Report for Period Ended 31 December 2025

Strong performance underpins a year of record production

Performance highlights

• Delivered record full-year production of 198.8 MMboe (545 Mboe/d), exceeding 2025 production guidance.
• Quarterly production of 48.9 MMboe (531 Mboe/d), down 4% from Q3 2025, driven by seasonal weather impacts and lower Australian east-coast demand.
• Delivered strong oil asset performance with 99.2% reliability at Sangomar and 98% reliability at Shenzi.
• Achieved a second consecutive quarter of 100% reliability at Pluto LNG and 99.8% reliability at the North West Shelf Project.
• Achieved an average realised quarterly price of $57/boe, down 5% from Q3 2025 reflecting lower oil-linked and gas pricing.

Project highlights

• The Scarborough Energy Project was 94% complete, and is on budget and on track for first LNG in Q4 2026. The Scarborough Floating Production Unit (FPU) departed China and subsequent to the period arrived in Australia.
• The Beaumont New Ammonia Project achieved targeted first ammonia production in December.
• The Trion Project was 50% complete, and remains on target for first oil in 2028.
• The Louisiana LNG Project, comprising three trains, was 22% complete; Train 1 was 28% complete. The project is targeting first LNG in 2029.
• Approved the Greater Western Flank Phase 4 Project, a subsea tie-back investment to the existing North West Shelf Project.

Business and portfolio highlights

• Completed the sell-down of a 10% interest in Louisiana LNG LLC (HoldCo) and an 80% interest and transfer of operatorship in Driftwood Pipeline LLC (PipelineCo) to Williams.
• Finalised agreements to extend gas flows from Pluto through the Pluto-KGP Interconnector until 2029.
• Entered into sale and purchase agreements with SK Gas International, BOTAŞ and subsequent to the period, JERA for the long-term supply of LNG.
• Appointed Liz Westcott as Acting CEO, following the resignation of Meg O’Neill.

PERTH, Australia–(BUSINESS WIRE)–Woodside Energy Group (ASX: WDS) (NYSE: WDS):

Woodside Acting CEO Liz Westcott said the company delivered strongly against its 2025 business objectives, outperforming production guidance while advancing key growth projects.

“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.

“In late December first production was achieved at Beaumont New Ammonia. Final project commissioning will continue through early 2026 ahead of project completion and Woodside assuming operational control. Production will commence with conventional ammonia with lower-carbon ammonia planned for 2H 2026.

“Woodside has finalised agreements with leading global customers to supply conventional ammonia from Beaumont. These deliveries will commence in 2026 and continue through year-end, under contracts that reflect prevailing market prices.

“We also continued to progress our major development pipeline, with the three‑train foundation phase of the Louisiana LNG Project reaching 22% completion at quarter‑end, targeting first LNG in 2029.

“During the period Woodside entered a strategic partnership with leading US gas infrastructure company Williams, selling a 10% interest in the Louisiana LNG HoldCo and an 80% operating interest in PipelineCo, further demonstrating the quality of the project. Under the transaction, Williams will contribute approximately $1.9 billion in capital expenditure and assume offtake obligations for 10% of Louisiana LNG’s produced volumes.

“The Trion Project in Mexico was 50% complete at the end of the year, with hull assembly and installation of all critical equipment on the topside’s modules now completed.

“Also during the quarter, we took a final investment decision to develop the North West Shelf Project’s Greater Western Flank Phase 4. The project extends production from the North West Shelf by around one year and delivers an internal rate of return of approximately 30%.⁵

“During the period we signed long term LNG sale and purchase agreements with SK Gas International and BOTAŞ, supplied from Woodside’s global portfolio including LALNG, evidencing the value customers place on our product.

“Woodside strengthened its position in the Gulf of America as the successful bidder on eight exploration blocks.⁶

“We are looking forward to first LNG from Scarborough in the fourth quarter of this year. Our 2026 volume guidance of 172 – 186 MMboe reflects planned down time at Pluto as we prepare the facility to begin processing Scarborough gas and for first LNG cargo in Q4 2026.

“Woodside continues to execute our strategy as outlined at our recent Capital Markets Day. The executive team and I remain focused on safely delivering our operations and projects while maintaining rigorous cost management during the CEO transition period.”

Pluto LNG

• Achieved second consecutive quarterly LNG reliability of 100%.
• Finalised commercial and government agreements to extend gas flows through the Pluto-KGP Interconnector until 2029, enabling continued acceleration of LNG and domestic gas production from Pluto feed gas. The extended Interconnector arrangements provide for the processing of approximately 2.8 million tonnes of additional LNG in aggregate and approximately 22.9 PJ of additional gas for the WA domestic gas market.

North West Shelf (NWS) Project

• Achieved quarterly LNG reliability of 99.8%.
• Achieved final investment decision on the Greater Western Flank Phase 4 (GWF-4) Project:
  • GWF-4 is a five-well subsea tieback with start-up targeted for 2028. Expected IRR >30% and an estimated payback period of approximately two years.¹⁵
  • Expected capital expenditure of approximately $700 million.¹⁵
  • Proved plus probable (2P) undeveloped reserves for GWF-4 Project are 100 MMboe gross (Woodside share 31 MMboe).¹⁶
• Commenced processing of Waitsia Stage 2 gas via NWS facilities.
• Following receipt of the final environmental approval from the Australian Government on the North West Shelf Project Extension in Q3 2025, three legal proceedings were commenced in the Federal Court of Australia, challenging the Australian Government’s decision to approve the NWS Project Extension. This is in addition to one legal proceeding in the Western Australian Supreme Court challenging the State Government’s environmental approval for the NWS Project Extension. These proceedings were ongoing at the end of the period.

Wheatstone and Julimar-Brunello

• Progressed the Julimar Development Phase 3 (JDP3) Project with three wells drilled during the period. Two wells were successfully completed and the third, an exploration target, was assessed as non-commercial.
• Drilling and completion of the remaining well and start-up of the JDP3 Project is targeted in 2026 as a condition precedent to the asset swap with Chevron.
• Completion of the asset swap with Chevron remains on target for H2 2026.¹⁷

Bass Strait

• Preparation for transfer of operatorship of the Bass Strait assets from ExxonMobil Australia to Woodside is progressing, with completion targeted for H2 2026.¹⁸
• Delivered reliability of 90.5% during the quarter and executed a planned shutdown of the Marlin Complex as part of the Turrum Phase 3 project.
• Commenced drilling the first of five wells for the Turrum Phase 3 project, with expected completion in 2026.
• Completed the Kipper 1B project, with production reaching full capacity.

Sangomar

• Achieved average daily production rate of 99 Mbbl/d (100% basis, 84 Mbbl/d Woodside share) at 99.2% reliability.
• Production remained on plateau until late October 2025 as expected with the facility continuing to perform strongly as it transitions to post‑plateau operating rates.

United States of America

• Achieved continued strong quarterly production at Shenzi, supported by reliability of 98%.
• Achieved first production from the Atlantis Drill Center 1 Expansion Project in December, two months ahead of plan.
• Commenced production from the second of three Argos Southwest Extension wells.
• Commenced production from an infill well at Mad Dog A-Spar.

• Executed LNG sale and purchase agreements with:
  • SK Gas International, for the supply of approximately 0.6 Mtpa from 2027 through to 2040. Supply will be from Woodside’s global portfolio, including from the Louisiana LNG Project.
  • Boru Hatlarıile Petrol Taşıma A.Ş. (BOTAŞ), for the supply of approximately 0.5 Mtpa of LNG from 2030, for a period of up to nine years. Supply will primarily be from the Louisiana LNG Project; and
  • JERA, subsequent to the period, for the supply of three LNG cargoes (approximately 0.2 Mtpa) per year on a delivered ex-ship basis during Japan’s winter months from 2027 for a period of five years.
• Executed agreements for the supply of conventional ammonia from the Beaumont New Ammonia facility. Deliveries will commence in 2026 and continue through year-end at prevailing market prices. Additional agreements are being advanced to align with expected BNA output, including for lower-carbon ammonia.
• Added the Woodside Barrumbara to Woodside’s fleet of LNG vessels to support the start-up of the Scarborough Energy Project.
• Executed incremental pipeline gas sales of:
  • 2.5 PJ in Western Australia delivered in 2025. Woodside continues to engage with the Western Australian domestic market on additional spot supply and requirements for 2026 and 2027.
  • 29.2 PJ in Eastern Australia for delivery in 2026 and 2027.
• Supplied 41.8% of produced LNG at prices linked to gas hub indices in the quarter, realising a $1.5/MMBtu premium compared to oil-linked pricing. This represents 16.4% of Woodside’s total equity production.

Scarborough Energy Project

• The Scarborough and Pluto Train 2 Projects are on budget and were 94% complete at the end of the quarter (excluding Pluto Train 1 modifications).
• The FPU departed China for transit to Australia. Subsequent to the period, the FPU arrived safely at the Scarborough field and the hook-up and commissioning phase commenced.
• Completed the drilling campaign for all eight development wells. Reservoir quality and well deliverability were in line with pre-drill estimates.
• Construction activities at Pluto Train 2 site continued, and commissioning of utility systems has commenced. The tie-in to the Pluto domestic gas export line has been completed.
• Module construction at the Pluto Train 1 modifications yard continues. Civil, structural, and piping works advanced at the Pluto site, with the gas metering skid installed and put into operation on schedule. Successfully completed commissioning of the integrated remote operations centre. The centre is now remotely operating Pluto Train 1 and the Pluto Alpha platform.
• First LNG cargo is on track for Q4 2026.

Beaumont New Ammonia

• The Beaumont New Ammonia Project achieved first ammonia production in December.
• Final project and commissioning activities will continue through early 2026.¹⁹
• Project completion and associated payment of the remaining acquisition consideration is expected in 2026.
• Upon project completion, operational control of the asset will transition to Woodside in accordance with the transaction agreements.

Trion

• The Trion Project was 50% complete at the end of the quarter.
• Completed FPU hull assembly, erection of the upper column frame and installation of critical equipment on the topside modules.
• Progressed Floating Storage and Offloading unit procurement and fabrication.
• Progressed subsea equipment manufacturing, including completion and testing of the first xmas tree.
• Continued planning activities for the drilling campaign and preparation for subsea umbilicals, risers, flowlines and gas gathering line with installation expected to commence in 2026.
• Regulatory approval of the HSE management system was granted, providing the final authorisation required to commence field activities.
• First oil on target for 2028.

Louisiana LNG

• The Louisiana LNG foundation development, comprising three trains, was 22% complete at the end of the quarter. First LNG is targeted for 2029.
• Train 1 was 28% complete at the end of the quarter. During the period structural steel was erected and installation of underground piping commenced.
• Trains 2 and 3 were 18% and 13% complete respectively, at the end of the quarter, with concrete foundation work continuing for both.
• Construction remains focused on the LNG tanks and marine soil excavation in readiness for the commencement of dredging, marine pile installation, and establishing the marine offloading facility.
• Closed transaction with Williams, for the sale of a 10% interest in HoldCo and an 80% interest in and operatorship of PipelineCo. As part of this investment, Williams assumed LNG offtake obligations for 10% of produced volumes.
• Secured long-term transportation capacity providing access to diverse gas supply sources for the project. Pipeline transportation capacity secured provides full coverage for the three-train foundation project, allowing for firm and long-term access to gas supply across multiple gas basins and hubs.
• Secured approval from the US Department of Energy to extend the in-service date under the non-free trade agreement LNG Export Authorisation through to 31 December 2029. This authorisation also extended the term by three years through to 31 December 2053.
• Received approval of a five-year property tax abatement under the State of Louisiana’s Industrial Tax Exemption Program.

Hydrogen Refueller @H2Perth

• Commissioning activities continued on site, ready for start-up targeted for Q1 2026.
• First hydrogen production is targeting the first half of 2026.²⁰

• Commenced and completed recovery and removal of umbilical and subsea structures at Echo Yodel.
• Completed the removal of Stybarrow well heads, xmas trees and other structures, and resumed recovery of umbilicals and flowlines.
• Progressed offshore removal of Griffin umbilical and flowlines.
• Platform preparation activities were progressed for the Bass Strait offshore platform removal campaign 1 project on three platforms and all approvals were received to commence onshore reception centre upgrades.
• Completed the final subsea well abandonment on the Cobia and West Kingfish platforms.
• Supported the installation of a new, purpose-built artificial reef designed to support local fishers and enhance marine biodiversity off the Western Australian coast.

Browse

• Engagement with regulators and stakeholders continued in support of advancing environmental approvals.

Sunrise

• Executed a Cooperation Agreement with Timor-Leste’s Ministry of Petroleum and Mineral Resources to carry out studies and activities to mature a proposed Timor-based LNG concept (TLNG). The proposed TLNG concept includes greenfield LNG and domestic gas facilities, and a helium extraction plant.
• The Cooperation Agreement activities will run in parallel to the ongoing Sunrise Joint Venture (SJV) activities and extends the work done in 2024 on the SJV concept study.

Calypso

• The Calypso Joint Venture continues to review development options having completed concept select engineering studies in Q3 2025.

Exploration

• In the US Gulf of America, Woodside was the successful bidder on eight blocks in Lease Sale BBG1, with the lease issuance pending final payment and regulatory approval.
• Drilling activities for the non-operated Bandit-1 well are continuing, with results subject to further assessment.

Carbon capture and storage (CCS) opportunities

• The Angel CCS Project Joint Venture and the Bonaparte Assessment Joint Venture continued to progress concept definition level engineering design studies, regulatory approvals and customer development activities.
• Signed a Storage Study Agreement with Petroleum Sarawak Berhad to assess the technical and commercial feasibility of safely storing carbon dioxide in Site 3A in Central Luconia, offshore Sarawak, Malaysia.

Carbon credit portfolio

• In Mexico, Woodside contracted to purchase up to two million carbon credits over a ten-year period commencing 2025 from a community-led tropical forest restoration and improved forest-management project.
• In Indonesia, Woodside is funding a community-based, phased mangrove restoration initiative project. Woodside is expected to receive up to 4.6 million credits over a 40 year period from this arrangement commencing 2027.

CEO succession

• Woodside CEO and Managing Director, Meg O’Neill, advised the Board of her resignation during the period.
• The Board appointed Liz Westcott as Acting CEO, and intends to announce a permanent appointment in the first quarter of 2026.

Climate and sustainability

• United Nations Environment Programme (UNEP) confirmed that Woodside’s Oil and Gas Methane Partnership (OGMP2.0) plan meets the requirements of a “gold pathway”.²¹
• Held a sustainability focus session on 8 December 2025 with investors on the United Nations Educational, Scientific and Cultural Organisation (UNESCO) World Heritage Listing of Murujuga and its significance for Woodside.

Hedging²²

• During 2025, 30 MMboe of 2025 oil production was hedged at an average price of $78.7 per barrel.
• As at 31 December 2025, approximately 10 MMboe of 2026 oil production was hedged at an average price of $70.1 per barrel.
• The realised value of all hedged positions for the period ended 31 December 2025 is an estimated pre-tax profit of $221 million, with a $203 million profit related to oil price hedges offset by a $7 million loss related to Corpus Christi hedges, and a $25 million profit related to other hedge positions. Hedging profits will be included in ‘other income’ except hedging profits related to interest rate swaps which will be included in ‘finance income’ in the financial statements.

Funding and liquidity²²

• As at 31 December 2025, Woodside had liquidity of approximately $9,300 million and net debt (including lease liabilities) of approximately $8,000 million.

Embedded commodity derivative²²

• In 2023, Woodside entered into a revised long-term gas sale and purchase contract with Perdaman. A component of the selling price is linked to the price of urea, creating an embedded commodity derivative in the contract. The fair value of the embedded derivative is estimated using a Monte Carlo simulation model.
• As there is no long-term urea forward curve, Title Transfer Facilities (TTF) continues to be used as a proxy to simulate the value of the derivative over the life of the contract.
• For the quarter ended 31 December 2025, an unrealised loss of approximately $10 million is expected to be recognised through other income. This brings the full year impact to an unrealised gain of approximately $137 million recognised in other income.

2025 Annual results and teleconference

• Woodside’s 2025 Annual Report and associated investor briefing will be released to the market on Tuesday, 24 February 2026. These will also be available on Woodside’s website at http://www.woodside.com/
• A teleconference providing an overview of the full year 2025 results and a question and answer session will be hosted by Woodside Acting CEO, Liz Westcott, and Chief Financial Officer, Graham Tiver, on Tuesday, 24 February 2026 at 10:00 AEDT / 07:00 AWST / 17:00 CST (Monday, 23 February 2026).
• Briefing registration details will be published on the day.

Annual General Meeting

• Woodside’s Annual General Meeting will be held at 10:00am (AWST) on Thursday, 23 April 2026 in Perth, Western Australia and online. The closing date for receipt of director nominations is 17 February 2026.

Upcoming events 2026

The presentation of the above statutory line-items aligns to the consolidated income statement and Note A.1 segment revenue and expenses note in Woodside’s Annual Report. The line-item guidance provided above is preliminary, unaudited and subject to change prior to finalising the 2025 Financial Statements.

Contacts

INVESTORS
Vanessa Martin
M: +61 477 397 961

E: [email protected]

MEDIA
Christine Abbott
M: +61 484 112 469

E: [email protected]

REGISTERED ADDRESS
Woodside Energy Group Ltd

ACN 004 898 962

Mia Yellagonga

11 Mount Street

Perth WA 6000

Australia

T: +61 8 9348 4000

www.woodside.com

Read full story here