Australia-based Woodside Energy has reported strong operational and financial results for the first half of 2025 (H1 2025), delivering 548,000 barrels of oil equivalent per day in production and progressing several major projects.
The company's half-year net profit after tax (NPAT) stood at $1.31bn, with an underlying NPAT of $1.24bn, a decrease from $1.63bn in the same period the previous year. Operating revenue experienced 10% year-on-year growth, reaching $6.59bn.
The board has announced a fully franked interim dividend of $0.53 per share, corresponding to a payout ratio of 80% of the underlying NPAT and an annualised yield of 6.9%.
Woodside Energy CEO Meg O’Neill said: “Strong underlying performance of our assets, our robust financial performance and a focus on disciplined capital management have enabled us to maintain our interim dividend payout ratio at the top end of the payout range.
“The outstanding performance of our high-quality assets over the first half has continued to support safe, reliable operations. This has been complemented by a strong focus on cost management, resulting in a reduction in our unit production costs. We have also taken a disciplined approach to future growth and reduced spend on new energy and exploration as we prioritise delivering sanctioned projects.”
Excluding impairment, the company's earnings before interest, taxes, depreciation and amortisation (EBITDA) from the underlying base business was $4.6bn, a 5% rise from the previous year's $4.37bn.
The marketing segment contributed $144m to the total EBIT, accounting for roughly 8% of the total.
Woodside said this performance demonstrates the efficiency improvements and value creation derived from the trading, marketing and shipping of its products, including third-party volumes.
The company also reported net cash from operating activities of $3.33bn and capital expenditure (capex) of $2.55bn, an 8% increase from 2024.
Dividends distributed amounted to $1bn, a 23% decrease from the previous year's $1.3bn.
In H1 2025, Woodside entered into three long-term liquefied natural gas (LNG) sales and purchase agreements (SPAs). This encompasses two contracts with Uniper to provide one million tonnes per annum (mtpa) from the Louisiana LNG project for a duration of up to 13 years, starting from the date it commences commercial operations, as well as a supply of up to 1mtpa from Woodside's global portfolio until 2039.
Additionally, an SPA was signed with China Resources Gas International for the supply of around 600,000 tonnes per annum of LNG over 15 years, starting in 2027.
Woodside has also entered into non-binding heads of agreements with both JERA and Petronas.
The company said the Scarborough energy project, located 375km off the Pilbara coast of Western Australia, is 86% complete and remains on track for first LNG cargo in H2 2026.
The Trion project, a deep-water oil and gas development in the Gulf of Mexico, is 35% complete and remains on track for first oil in 2028.
The Beaumont New Ammonia Project in Beaumont, Texas, is 95% complete, with phase one targeting first ammonia production from late 2025.
In June of this year, Woodside finalised the sale of a 40% interest in its Louisiana LNG project to Stonepeak, a global investment firm.
