Woodside Delivers Record Output in 2025 Despite Softer Fourth Quarter

Core Insights - Woodside Energy achieved record annual production of 198.8 million barrels of oil equivalent in 2025, surpassing guidance due to strong offshore oil performance and LNG reliability [1][2] Production Performance - Full-year output reached 198.8 million barrels of oil equivalent, marking the highest annual production to date, with fourth-quarter production at 48.9 million barrels, a 4% decrease from the previous quarter due to seasonal weather and lower gas demand [2] - Operational reliability was high, with Sangomar offshore Senegal at 99.2% and Shenzi deepwater oil field at 98% reliability, while Pluto LNG achieved 100% reliability for the second consecutive quarter [3] Financial Metrics - Average realized prices fell to $57 per barrel of oil equivalent in the fourth quarter, a 5% decrease quarter-on-quarter, attributed to weaker oil-linked and gas hub pricing; however, Woodside ended the year with strong cash generation and liquidity of approximately $9.3 billion [4] Project Development - The Scarborough Energy Project was 94% complete at year-end, on budget, and targeting first LNG cargoes in Q4 2026, with the floating production unit now in Australia [5] - In the U.S., the Louisiana LNG project reached 22% completion, with first LNG targeted for 2029; a 10% equity stake was sold to de-risk the project, contributing around $1.9 billion in capital [6] Diversification Efforts - Woodside is expanding into lower-carbon markets with the Beaumont New Ammonia project in Texas achieving first ammonia production in December, with conventional deliveries set for 2026 and lower-carbon ammonia targeted for the second half of the year [7] - The Trion deepwater oil project offshore Mexico is 50% complete, on track for first oil in 2028, while the Greater Western Flank Phase 4 development at the North West Shelf was approved, expected to yield an internal rate of return of around 30% [8]