Woodside Energy Group (WDS) Q1 2025 earnings summary

Executive summary

• Achieved quarterly production of 49.1 MMboe, down 4% from Q4 2024 due to weather and outages, but up 9% year-over-year with Sangomar's contribution.

• Quarterly revenue was $3,315 million, down 5% sequentially but up 13% year-over-year, driven by Sangomar start-up and strong gas prices.

• Major projects (Beaumont New Ammonia, Scarborough, Trion) progressed on schedule and within budget.

• Portfolio streamlined with divestment of Greater Angostura assets and sale of 40% interest in Louisiana LNG Infrastructure.

• Signed new long-term LNG supply agreements with Uniper and China Resources, supporting robust LNG demand.

Financial highlights

• Revenue: $3,315 million, down 5% from Q4 2024, up 13% from Q1 2024.

• Production: 49.1 MMboe, down 4% sequentially, up 9% year-over-year.

• Average realised price: $65/boe, up 3% from Q4 2024.

• Capital expenditure: $1,806 million, down 33% from Q4 2024, up 56% year-over-year.

• Excluding Louisiana LNG, capex was $905 million, down 35% sequentially.

Outlook and guidance

• Full-year production guidance unchanged at 186–196 MMboe.

• Gas hub exposure guidance for produced LNG remains at 28–35%.

• Unit production cost guidance unchanged at $8.5–9.2/boe.

• Capex guidance (excluding Louisiana LNG) maintained at $4,500–5,000 million.