Woodside 2025 NPAT falls 24% to $2.7bn on softer prices

Woodside Energy has reported nett net aft taxation (NPAT) of $2.71bn for the afloat twelvemonth 2025, a 24% diminution from $3.57bn successful 2024, arsenic softer commodity prices weighed connected the bottommost enactment contempt grounds production.

Underlying NPAT came successful astatine $2.64bn, down 8% from $2.88bn successful the anterior year.

The institution achieved accumulation of 198.8 cardinal barrels of lipid equivalent (mboe), oregon 545,000 barrels of lipid equivalent per time (boepd), for the afloat twelvemonth 2025, surpassing guidance and surpassing 2024's output.

According to Woodside, the effect was driven by the Sangomar plus successful Senegal, which operated astatine nameplate capableness of 100,000 barrels per time for astir of the twelvemonth astatine astir 99% reliability.

Earnings earlier interest, taxes, depreciation and amortisation (EBITDA) were virtually level twelvemonth astatine $9.277bn, compared with $9.276bn successful 2024, representing a borderline of 71%, up from 70% the erstwhile year.

The unchangeable EBITDA show was attributable to Sangomar, which generated $1.7bn of EBITDA (Woodside share) successful 2025, adding to the $849m generated successful 2024 since start-up.

Operating gross declined 1% to $12.9bn successful 2025 from $13.1bn successful 2024, with the mean realised terms falling 5% to $60.2 per tube of lipid equivalent (boe) from $63.4/boe.

Woodside lowered its portion accumulation outgo by 4% to $7.8 per barrel, reflecting ongoing outgo controls crossed operations.

Operating cashflow roseate 23% to $7.19bn, up from $5.84bn successful 2024, driven by exceptional operational performance, Sangomar's publication and little taxation payments successful a softer terms condition.

Free cashflow turned affirmative astatine $1.88bn, compared to antagonistic $293m successful 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, portion maintaining safe, reliable and sustainable operations. Our beardown underlying NPAT of $2.6bn and escaped cashflow of $1.9bn is simply a testament to the show of the basal concern during a play of accrued superior expenditure [capex] and softening prices.

“The spot of our basal concern has delivered returns for shareholders, with Woodside having returned astir $11bn successful dividends since merger completion successful 2022. At the aforesaid time, we are reinvesting successful the concern and actively refining the portfolio, portion maintaining a beardown equilibrium expanse and gearing wrong the targeted range.”

Looking ahead, Woodside has provided 2026 full-year accumulation guidance of 172–186mboe, incorporating the large turnaround of the Pluto liquefied earthy state (LNG) Train 1 scheduled for the 2nd 4th of 2026 (Q2 2026).