Woodside Energy Group
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Woodside Energy Group (WDS) investor relations material

Woodside Energy Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary23 Feb, 2026

Executive summary

  • Achieved record annual production of 198.8 million barrels of oil equivalent in 2025, exceeding guidance, with zero high-consequence injuries and strong reliability across the portfolio.

  • Underlying net profit after tax was $2.6 billion, with NPAT of $2.7 billion, supported by record production and offset by lower realized prices compared to 2024.

  • Major growth projects (Scarborough 94% complete, Trion 50% complete, Louisiana LNG 22% complete, Beaumont New Ammonia) progressed on budget and schedule, with key milestones achieved.

  • Achieved 15% reduction in net equity Scope 1 and 2 GHG emissions versus base year.

  • Delivered strong shareholder returns with $2.1 billion in fully franked dividends and a final dividend of $0.59 per share, totaling $1.12 per share for the year (80% payout ratio of underlying NPAT).

Financial highlights

  • EBITDA margin exceeded 70% in 2025, with EBITDA of $9.3 billion.

  • Free cash flow of $1.9 billion generated despite increased capital expenditure and softer prices.

  • Gearing at 18.2%, within the 10%-20% target range, and liquidity increased to $9.3 billion at year-end.

  • Operating revenue of $13.0 billion, down 1% year-over-year.

  • Brent hedges for 2025 were positive; 18 million barrels hedged for 2026 at ~$70.

Outlook and guidance

  • 2026 is a transition year with major Pluto turnaround and Scarborough ramp-up; production guidance of 172–186 MMboe and capital expenditure guidance of $4.0–4.5 billion.

  • Scarborough on track for first LNG cargo in Q4 2026; Louisiana LNG targeting first LNG in 2029; Trion targeting first oil in 2028.

  • Beaumont New Ammonia ramp-up expected, with 2–3 MMboe production contribution in 2026.

  • ~75% of LNG volumes contracted for 2026–2028.

  • Continued focus on disciplined cost control, portfolio optimization, and capital allocation.

Louisiana LNG capital exposure post sell-downs
Beaumont lower-carbon ammonia production conditions?
Woodside's 2026-2027 average cash breakeven?
Louisiana LNG sell-down progress and outlook
Scarborough remaining timeline rationale
Beaumont Phase 2: clean ammonia demand impact?
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AGM 202623 Apr, 2026
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Frequently asked questions

Woodside Energy Group Ltd is an integrated energy company. It engages in the exploration, development, production, and sales of oil and natural gas; provision of oilfield services; and sale of electricity. The company has activities in Oceania, Asia, Canada, Africa, and internationally. Woodside Energy Group originates in a merger between Woodside Petrolium and BHP Petrolium.

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