Record Annual Production
Achieved record full-year production of 198.8 million barrels of oil equivalent, exceeding guidance and driven by Sangomar and portfolio reliability.
Sangomar Operational Excellence
Sangomar delivered nameplate ~100,000 bbl/day for most of the year at almost 99% reliability, contributing $2.6 billion to Woodside EBITDA since startup and prompting consideration of a potential Phase 2.
Strong Financial Results and Cash Generation
Underlying net profit after tax of $2.6 billion; generated $1.9 billion of free cash flow during a period of elevated capex; EBITDA margin above 70%.
Shareholder Returns and Payout Discipline
Board declared a final dividend of $0.59 per share bringing total fully franked FY dividend to $1.12 per share (total dividends reported $2.1 billion), representing an 80% payout ratio of underlying NPAT (top end of target range).
Unit Cost Reduction and Cash Breakeven
Reduced unit production costs by 4% to $7.80 per boe and reported an average cash breakeven of less than $34 per barrel, improving resilience to lower prices.
Progress on Scarborough
Scarborough Energy project 94% complete at year-end, on track for first LNG cargo in Q4 2026; major milestones included FPU assembly and arrival, completion of drilling for all 8 development wells, tie-in to Pluto export line and remote operations commissioning.
Louisiana LNG Sanction and De‑risking
Took FID for the three‑train, 16.5 mtpa Louisiana LNG project; project 22% complete and targeting first LNG in 2029. Strategic sell‑downs (Stonepeak, Williams) reduced Woodside's expected capital commitment to ~$9.9 billion (<60% of total project cost).
Trion and Other Growth Progress
Trion 50% complete at year-end with first oil targeted in 2028; lifting of first FPU module completed and drilling campaign preparations underway.
Contracting and Portfolio offtake
Contracted 4.7 million tonnes of new LNG supply to Tier 1 customers; approximately 75% of LNG volumes for 2026–2028 contracted, providing portfolio resilience and diversification.
Balance Sheet and Liquidity
Gearing at 18.2% (within 10–20% target range) and closing liquidity of $9.3 billion, supporting credit rating (BBB+) while funding growth and distributions.
Sustainability and Emissions Target Met
Achieved 2025 net equity Scope 1 & 2 greenhouse gas emissions target (15% reduction vs base); gross equity Scope 1 & 2 emissions fell year-on-year despite higher production and reliance on fewer carbon credits.
Safety Performance
Delivered strong safety outcomes with no high‑consequence injuries, Sangomar recorded no recordable injuries in first 18 months, and Scarborough FPU construction marked 3 years without a lost time incident.
Beaumont New Ammonia First Production
Beaumont achieved first ammonia in December 2025; ramp-up underway with offtakes for conventional ammonia and targeting lower-carbon ammonia (H2 2026) as CCS and hydrogen supply come online.