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]

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Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv Woodside Energy's annual profit beats expectations on higher production Reporting by Sneha Kumar and Roshan Thomas in Bengaluru; Editing by Maju Samuel Our Standards: The Thomson Reuters Trust Principles., opens new tab Purchase Licensing Rights Read Next ago Energycategory February 23, 202610:45 PM UTCUpdated ago By Reuters Woodside Energy's headquarters is pictured in Perth, Western Australi ...

Core Insights - Woodside reported remaining proved (1P) reserves of 1,882.1 million barrels of oil equivalent (MMboe) at the end of 2025 [1] - The company has remaining proved plus probable (2P) reserves of 2,999.5 MMboe [1] - Remaining 2C contingent resources are reported at 5,795.7 MMboe [1] - Excluding divestments and production, proved reserves increased by 134.1 MMboe, while proved plus probable reserves increased by 141.0 MMboe, indicating strong portfolio performance [1]

Core Insights - Woodside Energy reported a 3% increase in annual production for 2025, reaching 198.8 million barrels of oil equivalent (mboe), surpassing its production guidance of 192–197 mboe [1][4] - The company experienced a 4% decrease in Q4 production compared to the previous quarter, totaling 48.9 mboe, due to seasonal weather conditions and reduced demand [2] - Q4 revenue was $3.03 billion, reflecting a decrease attributed to lower production and realized prices, with an average realized price of $57 per barrel, down 5% from Q3 [2] Production and Financial Performance - Full-year revenue for 2025 was $12.98 billion, a 1% decrease from 2024 [3] - Woodside projects production volumes for 2026 to be between 172 and 186 mboe, including hydrocarbons and Beaumont New Ammonia volumes [3] Leadership and Strategic Developments - Liz Westcott was appointed as acting CEO following the resignation of Meg O'Neill, with a permanent CEO expected to be announced in Q1 2026 [3] - A major turnaround for Pluto LNG Train 1 is planned for Q2 2026, lasting approximately five weeks, with capital expenditure projected between $4 billion and $4.5 billion [4] Project Updates - The Scarborough Energy Project was reported to be 94% complete by the end of 2025, with the floating production unit arriving and hook-up activities commencing, targeting first LNG cargo in Q4 2026 [5] - The Louisiana LNG Project in the US was 22% complete at the end of the quarter, with first LNG production targeted for 2029 [6] - A strategic partnership with Williams was formed, involving the sale of a 10% interest in Louisiana LNG and an 80% interest in Driftwood Pipeline, expected to constitute approximately $1.9 billion in capex [6]

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]

Market Overview - Asian stock markets are mostly higher, driven by positive cues from Wall Street and easing geopolitical concerns regarding the U.S. and Iran [1] - The Australian stock market is modestly higher, continuing gains from the previous sessions, with the S&P/ASX 200 nearing the 8,900 level [2] - The Japanese market is notably lower, with the Nikkei 225 falling to 53,874.59, down 235.91 points or 0.44 percent [7] Australian Market Details - The S&P/ASX 200 Index gained 30.50 points or 0.34 percent to 8,892.20, after a low of 8,855.60 [3] - Major miners like Fortescue and Rio Tinto are gaining almost 1 percent, while BHP Group and Mineral Resources are losing almost 1 percent [4] - Oil stocks are weak, with Santos down almost 1 percent and Woodside Energy declining more than 1 percent [4] Technology Sector - In the tech sector, Afterpay-owner Block is losing almost 1 percent, while WiseTech Global is gaining almost 1 percent [5] - Appen is surging more than 10 percent after reporting that 4 million performance rights lapsed on December 31, 2025 [5] Japanese Market Details - SoftBank Group is gaining more than 1 percent, while Fast Retailing is down more than 1 percent [8] - Among automakers, Toyota is edging down 0.4 percent and Honda is declining more than 1 percent [8] - In the banking sector, Mizuho Financial is gaining more than 1 percent [9] Other Asian Markets - South Korea and Taiwan are up 1.0 and 1.5 percent, respectively, while New Zealand, China, Hong Kong, and Singapore are higher by 0.1 to 0.5 percent [12] Wall Street Performance - On Wall Street, major averages ended the day in positive territory, with the Dow advancing 292.81 points or 0.6 percent to 49,442.44 [14] - The Nasdaq climbed 58.27 points or 0.3 percent to 23,530.02, and the S&P 500 rose 17.87 points or 0.3 percent to 6,944.47 [14] Commodity Prices - Crude oil prices fell significantly, with West Texas Intermediate crude down $2.83 or 4.56 percent at $59.19 per barrel [15]

Core Viewpoint - The Dutch group Follow This is launching a revised strategy to increase shareholder pressure on the financial sustainability of fossil fuel business models, particularly targeting major oil companies like Shell and BP during the upcoming proxy season [1][2]. Group 1: Strategy and Focus - Follow This aims to shift its focus from requesting emission reduction targets to highlighting the financial risks associated with declining oil and gas demand [2][3]. - The group has co-filed new shareholder resolutions for the Annual General Meetings of Shell and BP, requesting disclosures on strategies for creating shareholder value amid falling oil and gas demand [3][11]. Group 2: Investor Support and Concerns - Follow This has partnered with 23 institutional investors managing €1.5 trillion ($1.75 trillion) in assets to bolster its resolutions [3]. - Support for climate-related resolutions has plateaued at around 20% in recent years, partly due to legal risk concerns, especially in the U.S. [6]. Group 3: Company Responses and Market Dynamics - Shell and BP have recently scaled back their green energy investments, focusing instead on their core hydrocarbon businesses [14][17]. - Shell plans to become a net-zero company by 2050, while BP has also committed to this goal but has faced scrutiny over its strategy amid declining oil and gas demand projections [11][17]. Group 4: Future Projections and Strategic Changes - Analysts project a significant decline in oil and gas demand, which raises concerns about BP's current growth assumptions in its strategy [17]. - BP has announced plans to reach $20 billion in divestments by the end of 2027, including a recent $6 billion sale of a 65% stake in its lubricants business [18].

Group 1: Venezuela Oil Production - Venezuela's state oil company PDVSA is beginning to shut down wells in the Orinoco Belt due to the impact of Donald Trump's maximum pressure strategy, which has led to swelling inventories and ongoing tanker seizures [3] - PDVSA plans to reduce output in the Orinoco Belt by at least 25% to 500,000 barrels per day (b/d), which could reduce Venezuela's total liquids production by approximately 15% [4] - Venezuela's oil production had been growing, with a November average of 1.165 million b/d representing a 20% year-over-year increase [3] Group 2: Market Movements - Woodside Energy signed a 9-year LNG supply deal starting from 2030 to deliver around 5.8 billion cubic meters of liquefied gas from its Louisiana LNG project [6] - Chevron has reported first oil from its South N'dola project offshore Angola, aiming for a peak output of 25,000 b/d of crude and 50 million cubic feet per day of natural gas [6] - Russia's government has extended the deadline for ExxonMobil to sell its 30% stake in the Sakhalin-I project by another year, indicating a potential re-integration of the US oil major into the new shareholding structure post-conflict [7] Group 3: Geopolitical Influences - Ongoing geopolitical tensions, including the Russia-Ukraine conflict, are affecting oil prices, with ICE Brent capped at $62 per barrel amid stalled peace talks [9] - An all-out war in Yemen could introduce new geopolitical risks to oil, although the physical impact remains uncertain [9] Group 4: Saudi Arabia's Pricing Strategy - Saudi Aramco is expected to cut its formula prices for February-loading cargoes to Asia by up to 30 cents per barrel, continuing to lower prices despite having reached a 5-year low last month [10]

Group 1 - BP p.l.c. has appointed Meg O'Neill as its new CEO, marking the first external hire for the position in over a century and the first woman to lead a Western oil major [3][4] - O'Neill previously led Woodside Energy and will officially take over in April, with Carol Howle serving as interim CEO until then [3] - The company is undergoing a significant strategic shift, reducing billions in planned renewable energy initiatives and refocusing on traditional oil and gas [4] Group 2 - BP aims to optimize operations by cutting up to $5 billion in costs and divesting $20 billion in assets by 2027 [4] - This strategic refocus on fossil fuels has positively impacted investor sentiment, with BP shares increasing by over 15% since the beginning of 2025 [4]