Woodside Energy has reported net profit after tax (NPAT) of $2.71bn for the full year 2025, a 24% decline from $3.57bn in 2024, as softer commodity prices weighed on the bottom line despite record production.
Underlying NPAT came in at $2.64bn, down 8% from $2.88bn in the prior year.
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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, surpassing guidance and surpassing 2024’s output.
According to Woodside, the result was driven by the Sangomar asset in Senegal, which operated at nameplate capacity of 100,000 barrels per day for most of the year at nearly 99% reliability.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) were virtually flat year at $9.277bn, compared with $9.276bn in 2024, representing a margin of 71%, up from 70% the previous year.
The stable EBITDA performance was attributable to Sangomar, which generated $1.7bn of EBITDA (Woodside share) in 2025, adding to the $849m generated in 2024 since start-up.
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By GlobalDataOperating revenue declined 1% to $12.9bn in 2025 from $13.1bn in 2024, with the average realised price falling 5% to $60.2 per barrel of oil equivalent (boe) from $63.4/boe.
Woodside lowered its unit production cost by 4% to $7.8 per barrel, reflecting ongoing cost controls across operations.
Operating cashflow rose 23% to $7.19bn, up from $5.84bn in 2024, driven by exceptional operational performance, Sangomar’s contribution and lower tax payments in a softer price condition.
Free cashflow turned positive at $1.88bn, compared to negative $293m in 2024, supported by proceeds from the Greater Angostura divestment and sell-down transactions with Stonepeak and Williams for Louisiana LNG.
Woodside acting CEO Liz Westcott said: “The outstanding full-year results reflected the disciplined execution of Woodside’s strategy, while maintaining safe, reliable and sustainable operations. Our strong underlying NPAT of $2.6bn and free cashflow of $1.9bn is a testament to the performance of the base business during a period of increased capital expenditure [capex] and softening prices.
“The strength of our base business has delivered returns for shareholders, with Woodside having returned approximately $11bn in dividends since merger completion in 2022. At the same time, we are reinvesting in the business and actively refining the portfolio, while maintaining a strong balance sheet and gearing within the targeted range.”
Looking ahead, Woodside has provided 2026 full-year production guidance of 172–186mboe, incorporating the major turnaround of the Pluto liquefied natural gas (LNG) Train 1 scheduled for the second quarter of 2026 (Q2 2026).
The Scarborough Energy Project was 94% complete at year-end, with the floating production unit arriving on location in January 2026 and first LNG cargo targeted for Q4 2026.
The $17.5bn Louisiana LNG project was 22% complete and on track for first LNG in 2029, with Woodside’s expected capex share reduced to $9.9bn following the Stonepeak and Williams transactions. Meanwhile, Trion, which is targeting first oil in 2028, was 50% complete at year-end.
