Woodside 2025 NPAT falls 24% to $2.7bn on softer prices

Core Viewpoint - Woodside Energy reported a net profit after tax (NPAT) of $2.71 billion for the full year 2025, marking a 24% decline from $3.57 billion in 2024, primarily due to softer commodity prices despite record production levels [1] Financial Performance - Underlying NPAT was $2.64 billion, down 8% from $2.88 billion in the previous year [1] - Operating revenue decreased by 1% to $12.9 billion in 2025 from $13.1 billion in 2024, with the average realized price falling 5% to $60.2 per barrel of oil equivalent (boe) from $63.4/boe [3] - Earnings before interest, taxes, depreciation, and amortization (EBITDA) remained virtually flat at $9.277 billion, compared to $9.276 billion in 2024, with a margin increase to 71% from 70% [2] Production and Operational Highlights - The company achieved production of 198.8 million barrels of oil equivalent (mboe), or 545,000 barrels of oil equivalent per day (boepd), for the full year 2025, exceeding guidance and surpassing 2024's output [1] - The Sangomar asset in Senegal operated at nameplate capacity of 100,000 barrels per day for most of the year, achieving nearly 99% reliability [2] Cash Flow and Dividends - Operating cash flow increased by 23% to $7.19 billion, up from $5.84 billion in 2024, driven by strong operational performance and lower tax payments [4] - Free cash flow turned positive at $1.88 billion, compared to negative $293 million in 2024, supported by divestment proceeds [4] - The company has returned approximately $11 billion in dividends since the merger completion in 2022 [6] Future Outlook - Woodside provided 2026 full-year production guidance of 172–186 mboe, factoring in a major turnaround of the Pluto liquefied natural gas (LNG) Train 1 scheduled for Q2 2026 [6]