2025 Half-Year Wrap with our CEO Meg O’Neill

1. Meg, we’re now more than half-way through 2025. How is Woodside performing?

We’re doing great! It’s been a really strong first half of the year, with outstanding production from our base business and excellent progress on our growth projects. Total half-year production increased by 11 per cent year-on-year, with our Sangomar Project the star of the show, producing at nameplate capacity with 99% reliability.

Our project teams are safely and efficiently delivering our major growth projects with Scarborough 86% complete, Trion 35% complete and Beaumont New Ammonia 95% complete. We have also positioned Woodside to unlock future value as a global LNG powerhouse through our final investment decision on Louisiana LNG. This was a real highlight for me!

I know our shareholders are always interested in the dividend number, and it was great to once again deliver a fully franked interim dividend at the top of our payout range, of 53 US cents per share.

2. In the results presentation you highlighted that increased production had been matched with increased efficiency. What have been the key drivers of this?

It was fantastic to deliver a strong increase in production while also reducing unit production costs, which were seven per cent lower compared to the first half of 2024. This is thanks to focused work across the operational business, with everyone working to keep asset reliability high while maintaining a sharp focus on costs. This includes finding new ways to use technology such as AI to deliver safety and efficiency improvements.

We’re working hard to keep costs down right across our business, which keeps our balance sheet strong and supports the continued delivery of shareholder returns while also funding future growth.

3. You also continue to emphasise sustainability as a key part of Woodside’s strategy. What have been some highlights in this area?

Keeping our people safe is front and centre of everything we do, and I’m really pleased we recorded no high-consequence injuries during the half.

We did have one Tier 1 process safety incident during decommissioning work at Griffin, but this had no significant environmental impacts.  We’re also on track to achieve our net equity Scope 1 and 2 greenhouse gas emissions reduction targets.

I’m also proud of the benefits Woodside delivers to the communities we operate in through jobs, business opportunities and social investment. We remain one of Australia’s top taxpayers, with A$1.3 billion paid in taxes, royalties and levies during the half.

4. And finally, what’s Woodside’s key focus for the second half of the year?

For the remainder of 2025 it’s all about delivery, delivery, delivery. We have a strong foundation and delivered good performance over the first half.  So it’s important we focus on maintaining reliable production from our world-class assets, ensuring sustainable operations and keeping our people safe.

We have some important project milestones coming up including start-up at Beaumont New Ammonia, and key construction activities at Scarborough and Trion, which are targeting first LNG cargo in the second half of 2026 and first oil in 2028, respectively.

With Louisiana LNG also targeting start-up 2029, we’re building a Woodside of the 2030s that can play an even larger role in delivering reliable, affordable and lower-carbon energy the world needs.

You can read the full report here.