Woodside Energy closed 2025 with record annual production of 198.8 million barrels of oil equivalent, beating guidance and underpinned 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 reported full-year output of 198.8 million barrels of oil equivalent, exceeding its guidance range and marking its highest annual production to date. Fourth-quarter production totaled 48.9 MMboe, down 4% from the prior quarter due largely to seasonal weather impacts and lower gas demand on Australia’s east coast.
Operational performance remained a standout. Sangomar offshore Senegal delivered 99.2% reliability, while the Shenzi deepwater oil field in the U.S. 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-on-quarter, reflecting weaker oil-linked and gas hub pricing. Despite the price pullback, Woodside ended the year with strong cash generation and liquidity of roughly $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 year-end and remains on budget, targeting first LNG cargoes in the fourth quarter of 2026. The Scarborough floating production unit has now arrived in Australia, with hook-up and commissioning underway.
In the U.S., Woodside’s Louisiana LNG project reached 22% completion across its three-train foundation phase. The company continues to target first LNG in 2029 and recently de-risked the project by selling down a 10% equity stake and pipeline operatorship to Williams, which will contribute around $1.9 billion in capital and take LNG offtake volumes.
Woodside is also expanding beyond traditional hydrocarbons. The Beaumont New Ammonia project in Texas achieved first ammonia production in December, with conventional ammonia deliveries set to begin in 2026 and lower-carbon ammonia targeted 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 offshore Mexico reached 50% completion and remains on track for first oil in 2028, while the Greater Western Flank Phase 4 development at the North West Shelf was approved, extending production life with an expected internal rate of return of around 30%.
