Record Production
Achieved record annual production of 198.8 million barrels of oil equivalent (boe), exceeding full year guidance and driven by Sangomar and strong portfolio reliability.
Strong Financial Performance
Underlying net profit after tax (NPAT) of $2.6 billion with free cash flow of $1.9 billion; EBITDA margin above 70%; cash breakeven below $34/barrel.
Shareholder Returns and Payout
Board declared a final dividend (reported figures: $0.59 per share in opening remarks; aggregate reporting during the call referenced a fully franked final dividend of ~$1.1 billion and total FY dividend of $2.1 billion). Full year payout ratio of 80% of underlying NPAT (top end of target range).
Unit Cost and Efficiency Gains
Unit production costs reduced to $7.80/boe, representing a 4% reduction year-on-year through disciplined cost management and operational efficiency.
Major Project Execution — Scarborough, Louisiana LNG and Trion
Scarborough Energy project 94% complete at year-end and on track for first LNG cargo in Q4 2026; Louisiana LNG (three-train, 16.5 mtpa) 22% complete and targeting first LNG in 2029 with Woodside's expected share of capex now ~57% (~$9.9bn); Trion 50% complete targeting first oil in 2028.
Sangomar Operational Excellence
Sangomar ran at nameplate ~100,000 bpd for most of the year at ~99% reliability, contributing $2.6 billion to Woodside EBITDA since start-up and prompting assessment of a potential Phase 2 opportunity.
Beaumont New Ammonia First Production
Beaumont achieved first ammonia production in December 2025; full handover expected in H1 2026 and lower-carbon ammonia targeted in H2 2026 as hydrogen and ExxonMobil CCS facilities come online.
Sustainability and Safety Milestones
Achieved 2025 target of 15% reduction in net equity Scope 1 and 2 GHG emissions vs baseline (achieved via underlying emissions performance plus some carbon credits); gross equity Scope 1 and 2 emissions were lower year-on-year despite higher output; no high consequence injuries recorded and multiple long-duration safety milestones (e.g., Sangomar 18 months with no recordable injuries).
Balance Sheet Strength and Liquidity
Gearing at 18.2% (inside target 10–20% range) with liquidity of $9.3 billion and maintained investment-grade ratings (BBB+ equivalent), supporting growth and distributions.
Contracting and Marketing Progress
Contracted 4.7 million tonnes of new LNG supply to Tier 1 customers; approximately 75% of LNG volumes for 2026–2028 are contracted (mix of oil-linked and hub exposure), supporting portfolio resilience.
Portfolio Optimization and Partnering
Progressed sell-downs and partner entry (Stonepeak and Williams) on Louisiana LNG that materially reduced Woodside’s near-term capital commitment; Greater Angostura divestment received $259 million in cash.