2025 Full-Year Results: operational excellence delivers long-term value

Woodside Acting CEO Liz Westcott said the results highlight disciplined execution of our strategy throughout 2025.

“We once again delivered on our commitments, leveraging our track record of operational excellence, world-class project execution and financial discipline to reward our shareholders today, while positioning Woodside for future value and growth,” Liz said.

Full-year highlights

• Record production of 198.8 million barrels of oil equivalent, exceeding full-year guidance and underpinned by outstanding production performance at Sangomar and world-class reliability at our operated LNG assets.
• Net profit after tax (NPAT) of US$2.7 billion (underlying NPAT of US$2.6 billion); fully franked full-year dividend of US 112 cents per share, once again at the top end of our target range; and generated free cashflow of US$1.9 billion.
• A strong balance sheet with liquidity of $9.3 billion and gearing of 18.2%.
• Improved safety outcomes with zero high-consequence injuries recorded.
• Took a final investment decision on the US$17.5 billion Louisiana LNG project, with Stonepeak and Williams joining as strategic partners, and commenced construction.
• Commenced first production at Beaumont New Ammonia, and continued progress on schedule and budget at Scarborough and Trion, which were 94% and 50% complete respectively at year end.
• Achieved our 2025 target of a 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions below the starting base and are on track to meet our equivalent 2030 target.^{1 2 3}

Liz said that in a year of increased activity, the safety of our people remained the priority, and teams maintained a strong focus on safe execution.

We marked significant safety milestones across our global portfolio, with Sangomar recording no injuries in its first 18 months of operations, and the Scarborough floating production unit marking three years of work without a single lost-time incident.”

Woodside also released the 2025 Climate and Sustainability Update on Tuesday.

Liz said Woodside demonstrated strong sustainability performance, achieving our 2025 target of a 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions below our starting base.

Looking ahead, 2026 is set to be another exciting year of delivery.

“Woodside’s objectives for 2026 are clear: ramp up production at Beaumont; deliver first LNG cargo from Scarborough; and continue progressing Louisiana LNG and Trion to schedule and budget,” Liz said.

“We will remain focused on creating long-term value through disciplined capital allocation, maintaining strong liquidity and actively managing the portfolio.”

Read the 2025 Full-Year Results, Annual Report and Climate update here.

_{1. This means net equity Scope 1 and 2 emissions for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base and that net equity Scope 1 and 2 emissions for the 12-month period ending 31 December 2030 are targeted to be 30% lower than the starting base.}

_{2. Net equity Scope 1 and 2 greenhouse gas (GHG) emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 GHG emissions over 2016-2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations.}

_{3. In relation to our 2025 equity Scope 1 and 2 GHG emissions, 1,283 kt CO2‑e carbon credits were retired in order to meet our target of 5,334 kt CO2‑e net equity Scope 1 and 2 GHG emissions. This includes retirement of carbon credits subsequent to the period, after full year 2025 gross equity Scope 1 and 2 GHG emissions were calculated and externally assured.}