Woodside Energy Group (WDS) H2 2025 earnings summary

Executive summary

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

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

• Major growth projects progressed on budget and schedule: Scarborough (94% complete, first LNG cargo Q4 2026), Trion (50% complete, first oil 2028), Louisiana LNG (22% complete, first LNG 2029), and Beaumont New Ammonia (first production December 2025, full handover H1 2026).

• Delivered $1.9 billion in free cash flow and returned $2.1 billion in fully franked dividends, maintaining an 80% payout ratio.

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

Financial highlights

• EBITDA was $9.3 billion with a margin above 70%.

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

• Free cash flow improved to $1.9 billion from a negative $293 million in FY24.

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

• Dividend payout ratio at 80% of underlying NPAT, with full-year dividend of US 112 cps.

Outlook and guidance

• 2026 is a transition year with major Pluto turnaround and Scarborough ramp-up; production guidance is 172–186 MMboe, including 2–3 MMboe from Beaumont New Ammonia.

• Capital expenditure guidance for 2026 is $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.

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

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