Louisiana LNG FID unlocks future value
Operational highlights
--
Quarterly production of 50.1 MMboe (550 Mboe/d), up 2% from Q1 2025.
--
Maintained exceptional performance from Sangomar, with 101 Mbbl/d
produced (100% basis, 81 Mbbl/d Woodside share), contributing
$510
million revenue for the quarter.
--
Achieved a strong realised quarterly price of $62/boe for produced LNG,
benefiting from diversified pricing and optimisation.
--
Sold 23.1% of produced LNG at prices linked to gas hub indices in the
quarter (9.1% of total equity production).
--
Entered into two sale and purchase agreements with Uniper for the
long-term supply of LNG.
Project highlights
--
The Scarborough Energy Project was 86% complete, and remains on track
for first LNG cargo in the second half of 2026.
--
The Trion Project was 35% complete, and remains on track for first oil
in 2028.
--
The Beaumont New Ammonia Project was 95% complete, with Phase 1 of the
project targeting first ammonia production from late 2025.
Portfolio highlights
--
Outstanding production performance with full-year production guidance
updated to 188-195 MMboe, incorporating Greater Angostura divestment.
--
Reduced full-year unit production cost range to $8.0-$8.5 per boe
following strong production and cost performance in H1 2025.
--
Unlocked long-term future value through the final investment decision
to develop the Louisiana LNG Project.
--
Completed the Greater Angostura assets divestment for $259 million
subsequent to the period.1
Capital discipline
--
Completed the sell-down of a 40% interest in Louisiana LNG
Infrastructure LLC to Stonepeak, receiving approximately $1,900 million,
reflecting Stonepeak's 75% share of capital expenditure since the
effective date of 1 January 2025.
--
Issued $3,500 million of senior unsecured bonds in the US market, with
the book heavily oversubscribed.
--
Delivered strong liquidity of approximately $8,400 million at the end
of the quarter.
PERTH, Australia--(BUSINESS WIRE)--July 22, 2025--
Woodside Energy Group (ASX: WDS) (NYSE: WDS):
Woodside CEO Meg O'Neill said the company continued to demonstrate operational excellence and world-class project execution over the second quarter, with a focus on driving future growth and value.
"We delivered strong production of 50 million barrels of oil equivalent for the quarter from our diverse portfolio of high-quality assets. At the same time, ongoing focus on cost control has enabled us to lower our unit production cost guidance for 2025.
"As we marked the anniversary in June of first oil from Sangomar, the project's exceptional performance continued to make a strong contribution to quarterly results, with gross production reaching 101 thousand barrels per day at close to 100% reliability. Our outstanding safety record at Sangomar continued, with no recordable injuries during the project's first year of operations.
"Our announcement in April of a final investment decision to develop the Louisiana LNG Project positions Woodside as a global LNG powerhouse, complementing our established Australian LNG business and enabling us to meet growing global demand from a broader range of customers.
"Louisiana LNG's strategic advantages and value-generating potential were demonstrated by key infrastructure, offtake and gas supply agreements entered into during the quarter.
"In June, we completed the sell-down of a 40% interest in Louisiana LNG Infrastructure LLC to Stonepeak for $5.7 billion, with Stonepeak to contribute 75% of the project capital expenditure in both 2025 and 2026.
"We continue to receive strong interest from high-quality potential partners as we explore further sell-downs. With both the final investment decision and capital expenditure risk reduced through our transaction with Stonepeak, we will evaluate the most value-accretive opportunities and remain disciplined in our selection of strategic partners.
"Our collaboration agreement with Aramco signed in May also includes potential acquisition of an equity interest in, and LNG offtake from, Louisiana LNG. The agreement includes exploring potential collaboration opportunities in lower-carbon ammonia from our Beaumont New Ammonia Project.
"We remain focused on delivering our Scarborough and Trion projects on schedule and budget. In May, we connected the floating production unit hull and topsides for our Scarborough Energy Project, which is now 86% complete and on track for first LNG cargo in the second half of 2026.
"Our Trion Project offshore Mexico is now 35% complete and targeting first oil in 2028. Construction of the floating production unit is progressing well, and we are preparing for construction of the floating storage and offloading vessel to commence in the second half of 2025.
"This demonstrates that Woodside continues to deliver on our commitments, executing multiple major projects with strong safety performance and cost control.
"We are maintaining financial discipline during our current phase of capital expenditure and proactively managing our balance sheet. We issued $3.5 billion of unsecured bonds in the US market in an offering that was heavily oversubscribed, reaffirming the debt market's view of Woodside.
"The $1.9 billion closing payment received from Stonepeak in June, plus proceeds from the divestment of our Greater Angostura assets in Trinidad and Tobago, further de-risks our balance sheet and strengthens our ability to both fund our growth projects and provide shareholder returns. We have made the decision to exit the H2OK Project, demonstrating our disciplined approach to portfolio management.
"We are also executing multiple, complex decommissioning activities offshore Australia. We successfully completed the plugging of the Minerva and Stybarrow wells. Removal of other equipment at the legacy Minerva, Stybarrow and Griffin assets has been impacted by unexpected challenges, with further engineering and alternative solutions required. Whilst this has had some cost impacts, we are applying learnings to improve planning and execution.
"We are pleased to have received the Australian Government's proposed decision to grant environmental approval for the North West Shelf Project Extension. We are continuing constructive consultation with the Government.
"Conducting our business sustainably remains core to Woodside's success and we remain firmly on track to meet our target of reducing net equity Scope 1 and 2 greenhouse gas emissions by 15% by 2025."
Comparative performance at a glance
Q2 Q1 Change Q2 Change YTD YTD Change
2025 2025 % 2024 % 2025 2024 %
--------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Revenue(2) $ million 3,275 3,315 (1%) 3,043 8% 6,590 5,988 10%
--------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Production(3) MMboe 50.1 49.1 2% 44.4 13% 99.2 89.3 11%
Gas MMscf/d 1,825 1,841 (1%) 1,885 (3%) 1,833 1,907 (4%)
Liquids Mbbl/d 230 223 3% 157 46% 226 156 45%
Total Mboe/d 550 546 1% 488 13% 548 491 12%
--------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Sales(4) MMboe 54.4 50.2 8% 48.2 13% 104.6 93.8 12%
Gas MMscf/d 2,050 1,962 4% 2,115 (3%) 2,006 2,032 (1%)
Liquids Mbbl/d 238 213 12% 159 50% 226 159 42%
Total Mboe/d 598 558 7% 530 13% 578 516 12%
--------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Average
realised
price $/boe 59 65 (9%) 62 (5%) 62 63 (2%)
--------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Capital
expenditure $ million 752 1,806 (58%) 1,232 (39%) 2,558 2,390 7%
Capex
excl.
Louisiana
LNG(5) $ million 868 905 (4%) 1,232 (30%) 1,773 2,390 (26%)
Louisiana
LNG(6) $ million (116) 901 (113%) -- -- 785 -- --
Operations
Pluto LNG
--
Achieved quarterly LNG reliability of 94.9%.
--
Commenced production from the PLA-08 subsea well, enhancing
deliverability and extending plateau production.
--
Secured secondary environmental approval enabling development of the
XNA-03 well through existing infrastructure to support sustained
production.
North West Shelf $(NWS.AU)$ Project
--
Achieved strong quarterly LNG reliability of 97.4%.
--
Received the proposed approval from the Australian Government on the
North West Shelf Project Extension and continued consultation on proposed
conditions.
--
Successfully completed planned maintenance offshore at Goodwyn Alpha
and onshore at Karratha Gas Plant (KGP), with production recommencing as
planned.
--
Successfully drilled the Lambert West development well, with
installation of the subsea infrastructure and startup expected in Q3
2025. The project will sustain production from the Angel platform.
--
Completed the permanent retirement of LNG Train 2, resulting in a
reduction of KGP's capacity from 16.9 Mtpa to 14.3 Mtpa.
Wheatstone and Julimar-Brunello
--
Progressed the Julimar Phase 3 Project, a four-well tieback to the
existing Julimar field production system. Subsea construction commenced
ahead of the drilling campaign scheduled for Q3 2025, with project
startup expected in 2026.
--
Completion of the asset swap with Chevron remains on track for 2026.7
Bass Strait
--
Completed preparatory activities and secured regulatory approvals for
the Kipper 1B Project, with drilling expected to commence in Q3 2025.
--
Progressed the Turrum Phase 3 Project with work commencing on the
Marlin-B platform ahead of the drilling campaign, expected to commence in
the second half of 2025.
--
Through these projects, Woodside is expected to add more than 100 PJs
(Woodside share) to the south-eastern Australian domestic gas market.
Sangomar
--
Achieved exceptional production of 101 Mbbl/d (100% basis, 81 Mbbl/d
Woodside share) at 99.6% reliability.
--
Production from the Sangomar field remained on plateau for the quarter,
with the field expected to come off plateau in Q3 2025.
--
Continuing to assess production performance to inform further
development.
United States of America
--
Achieved strong quarterly production at Shenzi, supported by 97.7%
reliability.
--
Approved a final investment decision on the Atlantis Major Facility
Expansion Project, which is expected to increase water injection
capacity. First water injection is targeted for 2027.
Greater Angostura
--
Completed the divestment of the Greater Angostura assets to Perenco for
$259 million, subsequent to the period.8 The divestment includes
Woodside's interest in the shallow water Angostura and Ruby offshore oil
and gas fields, associated production facilities, and onshore terminal.
--
Delivered safe and reliable operations while undertaking divestment
transition activities.
Marketing
--
Supplied 23.1% of produced LNG at prices linked to gas hub indices in
the quarter, realising a 14% premium compared to oil-linked pricing. This
represents 9.1% of Woodside's total equity production. Full-year gas hub
guidance remains unchanged.
--
Signed two LNG sale and purchase agreements with Uniper, for the supply
of:
--
1.0 Mtpa from Louisiana LNG LLC for up to 13 years from its
commercial operations date $(COD.UK)$.
--
Up to 1.0 Mtpa from Woodside's global portfolio, commencing with
Louisiana LNG's COD over a term until 2039.
--
Signed non-binding heads of agreements with:
--
JERA Co., Inc. for the sale and purchase of three LNG cargoes
(approximately 0.2 Mtpa) on a delivered ex-ship basis during
Japan's winter months from 2027 for a period of five years.
--
PETRONAS, through its subsidiary PETRONAS LNG Ltd, for the
supply of 1.0 Mtpa of LNG to Malaysia from 2028 for a period of 15
years.
--
Woodside's sale and purchase agreements with Commonwealth LNG, executed
in September 2022, were terminated during the quarter following
Commonwealth LNG's failure to achieve key milestones, including FID, by
contractual long stop dates.
--
Executed incremental Western Australian pipeline gas sales of 4.2 PJs
for delivery in 2025. Woodside continues to engage with the Western
Australian domestic market on additional supply requirements for 2025,
2026 and 2027.
Projects
Beaumont New Ammonia
--
The Beaumont New Ammonia Project was 95% complete at the end of the
quarter, with pre-commissioning activities for Train 1 underway.
Achievements include the completion of the storage tank construction,
completion of compressor alignment and insertion of the ammonia converter
basket.
--
First ammonia production is targeted for late 2025. Project completion
and associated payment of the remaining 20% of the acquisition
consideration is expected in 2026.
Scarborough Energy Project
--
The Scarborough and Pluto Train 2 projects were 86% complete at the end
of the quarter (excluding Pluto Train 1 modifications).
--
Connected the floating production unit hull and topsides together in
May 2025. Activities are now focused on the remaining integration and
pre-commissioning scope.
--
Continued installation, testing and pre-commissioning of the subsea
infrastructure, which is near completion.
--
Subsequent to the quarter, the third development well was drilled and
completed. Reservoir properties and anticipated well deliverability were
in line with expectations.
--
Continued installation of piping and cables and commenced electrical
commissioning activities at the Pluto Train 2 site, with the construction
workforce having reached peak numbers.
--
Progressed construction activity at the Pluto Train 1 modifications
module yard, with civil works continuing and structural/piping works
underway at the Pluto site.
--
Subsequent to the quarter, the Federal Court of Australia heard a legal
challenge to the National Offshore Petroleum Safety and Environmental
Management Authority's decision to accept the Scarborough Offshore
Facility and Trunkline (Operations) Environment Plan. The decision is
pending.
--
First LNG cargo is targeted for the second half of 2026.
Trion
--
The Trion Project was 35% complete at the end of the quarter.
--
Finalised the floating production unit detailed engineering and
procured all equipment and bulk materials.
--
Progressed the floating storage and offloading vessel detailed
engineering, with fabrication scheduled to commence in the second half of
2025.
--
Progressed the design, procurement and manufacturing of the subsea
equipment.
--
First oil is targeted for 2028.
Louisiana LNG
--
Approved FID to develop the three-train, 16.5 Mtpa Louisiana LNG
Project and issued a full notice to proceed to Bechtel.
--
Train 1 was 22% complete at the end of the quarter, with activities
focused on progressing the marine offloading facility, marine dry
excavation, and civil works.
--
Completed the sell-down of a 40% interest in Louisiana LNG
Infrastructure LLC to Stonepeak. The closing payment of approximately
$1,900 million received by Woodside reflects Stonepeak's 75% share of
capex funding incurred since the effective date of 1 January 2025.
--
Signed a long-term gas supply agreement with bp for the purchase of up
to 640 billion cubic feet of feedgas commencing in 2029.
--
Received approval from the Federal Energy Regulatory Commission for the
extension of the in-service date for the LNG terminal and Driftwood
Mainline Pipeline to the end of 2029.
--
Submitted an application to the Department of Energy to extend to 2029
the export commencement deadline for the non-free trade agreement LNG
Export Authorisation permit.
--
First LNG is targeted for 2029.
Hydrogen Refueller @H2Perth
--
Progressed construction activities with major equipment packages
including electrolysers and compressors installed on site.
--
Ready for startup is targeted for Q4 2025 and first hydrogen production
is expected in the first half of 2026.9
Decommissioning
--
Successfully completed the plug and abandonment of the three remaining
wells at the Minerva field, offshore Victoria.
--
Recovered approximately 45% of the Minerva pipeline across State and
Commonwealth waters. Challenges to pipeline recovery and adverse weather
impeded progress, leading to the suspension of activities. Recommencement
will be informed by vessel availability.
--
Continued decommissioning activities in the Bass Strait, including the
submission of environmental approvals and plugging of 22 wells.
--
Successfully concluded the ten-well Stybarrow plugging campaign.
--
Experienced a Tier 1 process safety event when unexpected fluids were
released during flushing of a Griffin subsea flowline. Water quality
monitoring identified no impact on the environment.
--
Woodside is evaluating decommissioning work plans for Minerva,
Stybarrow and Griffin. The as-left condition on some closed sites has
continued to present challenges for safe and efficient execution of
decommissioning.
--
These challenges have resulted in an increase in spend and cost
estimates, and is expected to lead to an expense of $400 - 500 million
pre-tax ($120 - 320 million post-tax) being recognised in the profit and
loss in the half-year results.
Exploration and development
Browse
--
The Western Australian Environmental Protection Authority concluded a
four-week public comment period for an amendment to the Browse to North
West Shelf Project proposal. The amendment reflects changes to the
development footprint and introduces new environmental measures that
further reduce the potential environmental impact of the development.
--
The Browse CCS Project was referred to the Commonwealth regulator in
October 2024 and declared valid in January 2025. The regulator has yet to
determine if this is a controlled action under the Environment Protection
and Biodiversity Conservation Act, and set a corresponding level of
assessment.
Calypso
--
The Calypso joint venture continues to review development options.
Concept select engineering studies and subsurface studies to mature the
technical and commercial definition progressed in the quarter.
Exploration
-- There were no substantive exploration activities during the quarter. New energy and carbon solutions
New energy
--
Woodside formally joined the NeoSmelt Project as an equal equity
participant and preferred energy supplier.10 The proposed project is a
pilot plant aiming to prove Pilbara iron ore can be used to produce
lower-carbon emissions molten iron using direct reduced iron and electric
smelting furnace technology.11
--
Woodside made the decision to exit the proposed H2OK Project in
Oklahoma due to ongoing challenges facing the lower-carbon hydrogen
industry, including cost escalation and lower than anticipated hydrogen
demand. The exit is expected to result in an impairment loss of
approximately $140 million pre-tax (approximately $110 million post-tax)
being recognised in the profit and loss in the half-year results.
Carbon capture and storage $(CCS)$ opportunities
-- The Bonaparte CCS Assessment Joint Venture commenced pre-front end engineering design and, subsequent to the quarter, was awarded Major Project Status by the Australian Government.12 Corporate activities
Business development
--
Entered into a non-binding collaboration agreement with Aramco to
explore global opportunities, including Aramco's potential acquisition of
an equity interest in and LNG offtake from the Louisiana LNG Project and
opportunities for a potential collaboration in lower-carbon ammonia.
Climate and sustainability
--
On track to meet Woodside's target of reducing net equity Scope 1 and 2
greenhouse gas emissions by 15% by 2025.13,14
--
Submitted the Oil and Gas Methane Partnership 2.0 Implementation Plan
to the United Nations Environment Program. Quarterly activities include
the initiation of a methane leak detection and reporting program at
Goodwyn Alpha.
--
Subsequent to the period, Woodside welcomed the inscription of the
Murujuga Cultural Landscape on the World Heritage List by UNESCO's World
Heritage Committee.
Hedging
--
Delivered as of 30 June 2025 approximately 58% of the 30 MMboe of 2025
oil production that was previously hedged at an average price of $78.7
per barrel.
--
Hedged 10 MMboe of 2026 oil production at an average price of $70.1 per
barrel.
--
Continued hedging program for Corpus Christi LNG volumes involving
Henry Hub (HH) and Title Transfer Facility (TTF) commodity swaps.
Approximately 94% of 2025 and 87% of 2026 volumes have been hedged.
--
The realised value of all hedged positions for the half-year ended 30
June 2025 is expected to be a pre-tax profit of $42 million, with a $58
million profit related to oil price hedges offset by a $18 million loss
related to Corpus Christi hedges, and a $2 million profit related to
other hedge positions. Hedging profits will be included in 'other income'
except hedging profits related to interest rate swaps which will be
included in 'finance income' in the half-year financial statements.
Funding and liquidity
--
Raised $3,500 million in the US market through multi-tranche
SEC-registered bonds in May 2025, consisting of $500 million three-year
bonds, $1,250 million five-year bonds, $500 million seven-year bonds and
$1,250 million ten-year bonds.
--
Cancelled two $1,500 million short-term liquidity facilities and repaid
$1,900 million of drawn bi-lateral facilities.
--
Refinanced $1,200 million of syndicated revolving facilities, with $600
million now maturing in June 2028 and the remaining $600 million in June
2030.
--
As at 30 June 2025, Woodside had liquidity of approximately $8,400
million.
Embedded commodity derivative
--
In 2023, Woodside entered into a revised long-term gas sale and
purchase contract with Perdaman. A component of the selling price is
linked to the price of urea, creating an embedded commodity derivative in
the contract. The fair value of the embedded derivative is estimated
using a Monte Carlo simulation model.
--
During the quarter, Woodside reassessed the embedded derivative
calculation to factor in current market conditions and pricing inputs
that reflect the long-term nature of the contract and associated market.
Updates to the valuation model include:
--
30-day average pricing assumptions and longer-term external
pricing forecasts to reflect the long-term nature of the contract;
and
--
longer-term historical data excluding extreme volatility periods,
to reflect typical market conditions.
As there is no long-term urea forward curve, TTF continues to be used as a proxy to simulate the value of the derivative over the life of the contract.
--
For the half-year ended 30 June 2025, an unrealised gain of
approximately $160 million is expected to be recognised through other
income.
2025 half-year results and teleconference
--
Woodside's Half-Year Report 2025 and associated investor briefing will
be released to the market on Tuesday, 19 August 2025. These will also be
available on Woodside's website at http://www.woodside.com/
--
A teleconference providing an overview of the half-year 2025 results
and a question and answer session will be hosted by Woodside CEO and
Managing Director, Meg O'Neill, and Chief Financial Officer, Graham Tiver,
on Tuesday, 19 August 2025 at 10:00 AEDT / 08:00 AWST / 19:00 CDT (Monday,
18 August 2025).
--
We recommend participants pre-register 5 to 10 minutes prior to the
event with one of the following links:
--
https://webcast.openbriefing.com/wds-hyr-2025/ to view the
presentation and listen to a live stream of the question and
answer session.
--
https://s1.c-conf.com/diamondpass/10048280-l4hu3r.html to
participate in the question and answer session. Following
pre-registration, participants will receive the teleconference
details and a unique passcode.
Upcoming events 2025
August 19 Half-Year 2025 results
------- -------------------------
October 22 Third quarter 2025 report
------- -------------------------
2025 full-year guidance
Prior Current Comments
---------------- --------------- ------------- ------------- -------------
Includes the
Greater
Angostura
assets
Production MMboe 186 - 196 188 - 195 divestment.
---------------- --------------- ------------- ------------- -------------
Gas hub % of produced
exposure(15) LNG 28 - 35 No change
---------------- --------------- ------------- ------------- -------------
Strong
production
and cost
Unit production performance
cost $/boe 8.5 - 9.2 8.0 - 8.5 in H1 2025.
---------------- --------------- ------------- ------------- -------------
Property, plant
and equipment
depreciation
and
amortisation $ million 4,500 - 5,000 4,700 - 5,000
---------------- --------------- ------------- ------------- -------------
Exploration $ million 200 No change
expense
---------------- --------------- ------------- ------------- -------------
Payments for $ million 700 - 1,000 No change
restoration
---------------- --------------- ------------- ------------- -------------
Capital $ million 4,500 - 5,000 4,000 - 4,500 Beaumont New
expenditure(16) Ammonia
Project
completion
payment is
expected in
2026, first
ammonia
production is
planned for
late 2025.
---------------- --------------- ------------- ------------- -------------
2025 half-year line-item guidance
Statutory Underlying Comments
---------------- ---------- --------- ---------- --------------------------
Production costs $ million 740 -780
---------------- ---------- --------------------- --------------------------
Includes approximately
$160 million non-cash
benefit for the Perdaman
embedded derivative and
approximately $30 million
Other income $ million 340 - 420 in hedging gains.
---------------- ---------- --------------------- --------------------------
Includes decommissioning
cost updates to Stybarrow,
Griffin and Minerva. There
Restoration is no change to the
movement expense payments for restoration
(other expense) $ million 400 - 500 2025 full-year guidance.
---------------- ---------- --------------------- --------------------------
Impairment loss of
approximately $140 million
pre-tax (approximately
$110 million post-tax) on
the H2OK Project,
following the decision to
Impairment exit the project. Excluded
losses $ million 140 -- from underlying NPAT.
---------------- ---------- --------- ---------- --------------------------
Includes approximately $10
million in hedging gains
Net finance relating to interest rate
costs $ million 50 - 80 swaps.
---------------- ---------- --------------------- --------------------------
PRRT expense $ million 40 - 100
---------------- ---------- --------------------- --------------------------
Income tax $ million 280 - 480 490 - 690 2025 half-year statutory
expense income tax includes a
deferred tax asset (DTA)
of approximately $180
million for the Louisiana
LNG Project recognised on
FID. The Louisiana LNG DTA
and tax impact of the H2OK
impairment loss are
excluded from underlying
NPAT. Woodside's 2025
half-year statutory and
underlying effective
income tax rate is
expected to be higher than
2024 full-year.
---------------- ---------- --------- ---------- --------------------------
The presentation of these line-item aligns to the consolidated income statement (page 146) or note A.1 segment revenue and expenses note (pages 157-160) within the 2024 Annual Report. The line-item guidance provided above is indicative and subject to external auditor review process.
Production summary
Q2 Q1 Q2 YTD YTD
2025 2025 2024 2025 2024
---------- -------- ----- ----- ----- ----- -----
Gas MMscf/d 1,825 1,841 1,885 1,833 1,907
Liquids Mbbl/d 230 223 157 226 156
---------- -------- ----- ----- ----- ----- -----
Total Mboe/d 550 546 488 548 491
---------- -------- ----- ----- ----- ----- -----
Q2 Q1 Q2 YTD YTD
2025 2025 2024 2025 2024
------------------------- ------- ------ ------ ------ ------ ------
AUSTRALIA
LNG
North West Shelf Mboe 5,375 6,395 7,088 11,770 15,280
Pluto(17) Mboe 11,097 10,430 11,726 21,527 23,480
Wheatstone Mboe 2,424 2,422 1,959 4,846 4,316
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 18,896 19,247 20,773 38,143 43,076
------------------------- ------- ------ ------ ------ ------ ------
Pipeline gas
Bass Strait Mboe 3,653 3,192 3,410 6,845 5,769
Other(18) Mboe 3,975 3,807 3,848 7,782 7,126
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 7,628 6,999 7,258 14,627 12,895
------------------------- ------- ------ ------ ------ ------ ------
Crude oil and condensate
North West Shelf Mbbl 912 1,106 1,260 2,018 2,672
Pluto(17) Mbbl 899 857 933 1,756 1,864
Wheatstone Mbbl 419 441 380 860 842
Bass Strait Mbbl 457 402 503 859 995
Macedon & Pyrenees Mbbl 558 369 107 927 216
Ngujima-Yin Mbbl 1,084 725 974 1,809 1,860
Okha Mbbl 587 312 491 899 957
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 4,916 4,212 4,648 9,128 9,406
------------------------- ------- ------ ------ ------ ------ ------
NGL
North West Shelf Mbbl 207 230 279 437 569
Pluto(17) Mbbl 52 52 59 104 113
Bass Strait Mbbl 753 668 941 1,421 1,773
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 1,012 950 1,279 1,962 2,455
------------------------- ------- ------ ------ ------ ------ ------
Total Australia (19) Mboe 32,452 31,408 33,958 63,860 67,832
------------------------- ------- ------ ------ ------ ------ ------
Mboe/d 357 349 373 353 373
--------------------------------- ------ ------ ------ ------ ------
Q2 Q1 Q2 YTD YTD
2025 2025 2024 2025 2024
------------------------- ------- ------ ------ ------ ------ ------
INTERNATIONAL
Pipeline gas
USA Mboe 409 378 324 787 684
Trinidad & Tobago Mboe 2,205 2,416 1,736 4,621 4,239
Other(20) Mboe 5 23 - 28 -
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 2,619 2,817 2,060 5,436 4,923
------------------------- ------- ------ ------ ------ ------ ------
Crude oil and condensate
Atlantis Mbbl 2,604 2,472 2,019 5,076 4,460
Mad Dog Mbbl 2,470 2,577 2,944 5,047 5,709
Shenzi Mbbl 2,021 2,322 2,333 4,343 4,738
Trinidad & Tobago Mbbl 93 99 94 192 220
Sangomar Mbbl 7,396 7,010 540 14,406 540
Other(20) Mbbl - - 81 - 162
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 14,584 14,480 8,011 29,064 15,829
------------------------- ------- ------ ------ ------ ------ ------
NGL
USA Mbbl 398 398 355 796 748
Other(20) Mbbl 3 12 - 15 -
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 401 410 355 811 748
------------------------- ------- ------ ------ ------ ------ ------
Total International Mboe 17,604 17,707 10,426 35,311 21,500
------------------------- ------- ------ ------ ------ ------ ------
Mboe/d 193 197 115 195 118
--------------------------------- ------ ------ ------ ------ ------
Total Production Mboe 50,056 49,115 44,384 99,171 89,332
------------------------- ------- ------ ------ ------ ------ ------
Mboe/d 550 546 488 548 491
--------------------------------- ------ ------ ------ ------ ------
Product sales
Q2 Q1 Q2 YTD YTD
2025 2025 2024 2025 2024
---------- -------- ----- ----- ----- ----- -----
Gas MMscf/d 2,050 1,962 2,115 2,006 2,032
Liquids Mbbl/d 238 213 159 226 159
---------- -------- ----- ----- ----- ----- -----
Total Mboe/d 598 558 530 578 516
---------- -------- ----- ----- ----- ----- -----
Q2 Q1 Q2 YTD YTD
2025 2025 2024 2025 2024
------------------------- ------- ------ ------ ------ ------ ------
AUSTRALIA
LNG
North West Shelf Mboe 5,059 6,887 7,081 11,946 15,089
Pluto Mboe 11,969 9,676 12,749 21,645 23,262
Wheatstone(21) Mboe 3,346 2,217 2,451 5,563 4,759
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 20,374 18,780 22,281 39,154 43,110
------------------------- ------- ------ ------ ------ ------ ------
Pipeline gas
Bass Strait Mboe 3,620 3,299 3,508 6,919 6,078
Other(22) Mboe 3,833 3,584 3,435 7,417 6,329
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 7,453 6,883 6,943 14,336 12,407
------------------------- ------- ------ ------ ------ ------ ------
Crude oil and condensate
North West Shelf Mbbl 616 1,229 1,904 1,845 3,118
Pluto Mbbl 650 705 1,283 1,355 1,923
Wheatstone Mbbl 651 334 666 985 995
Bass Strait Mbbl 599 534 271 1,133 868
Ngujima-Yin Mbbl 1,151 663 1,018 1,814 2,017
Okha Mbbl 1,256 - 572 1,256 1,190
Macedon & Pyrenees Mbbl 498 499 - 997 496
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 5,421 3,964 5,714 9,385 10,607
------------------------- ------- ------ ------ ------ ------ ------
NGL
North West Shelf Mbbl - 477 266 477 521
Pluto Mbbl - 110 49 110 104
Bass Strait Mbbl 1,010 226 361 1,236 1,146
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 1,010 813 676 1,823 1,771
------------------------- ------- ------ ------ ------ ------ ------
Total Australia Mboe 34,258 30,440 35,614 64,698 67,895
------------------------- ------- ------ ------ ------ ------ ------
Mboe/d 376 338 391 357 373
--------------------------------- ------ ------ ------ ------ ------
Q2 Q1 Q2 YTD YTD
2025 2025 2024 2025 2024
------------------------- ------- ------ ------ ------ ------- ------
INTERNATIONAL
Pipeline gas
USA Mboe 324 294 336 618 622
Trinidad & Tobago Mboe 2,233 2,274 1,606 4,507 4,063
Other(23) Mboe 4 4 5 8 11
------------------------- ------- ------ ------ ------ ------- ------
Total Mboe 2,561 2,572 1,947 5,133 4,696
------------------------- ------- ------ ------ ------ ------- ------
Crude oil and condensate
Atlantis Mbbl 2,606 2,494 2,013 5,100 4,439
Mad Dog Mbbl 2,485 2,620 3,043 5,105 5,669
Shenzi Mbbl 2,030 2,202 2,430 4,232 4,782
Trinidad & Tobago Mbbl 133 43 19 176 71
Sangomar Mbbl 7,505 6,521 - 14,026 -
Other(23) Mbbl 47 57 59 104 119
------------------------- ------- ------ ------ ------ ------- ------
Total Mboe 14,806 13,937 7,564 28,743 15,080
------------------------- ------- ------ ------ ------ ------- ------
NGL
USA Mbbl 385 371 454 756 867
Other(23) Mbbl 2 2 3 4 6
------------------------- ------- ------ ------ ------ ------- ------
Total Mboe 387 373 457 760 873
------------------------- ------- ------ ------ ------ ------- ------
Total International Mboe 17,754 16,882 9,968 34,636 20,649
------------------------- ------- ------ ------ ------ ------- ------
Mboe/d 195 188 110 191 113
--------------------------------- ------ ------ ------ ------- ------
MARKETING(24)
LNG Mboe 2,337 2,750 2,593 5,087 4,679
Liquids Mboe 64 104 37 168 608
------------------------- ------- ------ ------ ------ ------- ------
Total Mboe 2,401 2,854 2,630 5,255 5,287
------------------------- ------- ------ ------ ------ ------- ------
Total Marketing Mboe 2,401 2,854 2,630 5,255 5,287
------------------------- ------- ------ ------ ------ ------- ------
Total sales Mboe 54,413 50,176 48,212 104,589 93,831
------------------------- ------- ------ ------ ------ ------- ------
Mboe/d 598 558 530 578 516
--------------------------------- ------ ------ ------ ------- ------
Revenue (US$ million)
Q2 Q1 Q2 YTD YTD
2025 2025 2024 2025 2024
--------------------------- ----- ----- ----- ----- -----
AUSTRALIA
North West Shelf 295 535 524 830 1,116
Pluto 827 712 891 1,539 1,636
Wheatstone(25) 255 199 212 454 411
Bass Strait 283 228 247 511 470
Macedon 52 52 48 104 99
Ngujima-Yin 86 57 91 143 183
Okha 90 - 46 90 96
Pyrenees 39 44 - 83 44
--------------------------- ----- ----- ----- ----- -----
Total Australia 1,927 1,827 2,059 3,754 4,055
--------------------------- ----- ----- ----- ----- -----
INTERNATIONAL
Atlantis 181 191 168 372 364
Mad Dog 161 190 249 351 453
Shenzi 138 167 205 305 395
Trinidad & Tobago(26) 78 66 38 144 99
Sangomar 510 481 - 991 -
Other(27) 4 3 5 7 10
--------------------------- ----- ----- ----- ----- -----
Total International 1,072 1,098 665 2,170 1,321
--------------------------- ----- ----- ----- ----- -----
Marketing revenue(28) 232 312 265 544 492
Total sales revenue(29) 3,231 3,237 2,989 6,468 5,868
Processing revenue 35 74 52 109 113
Shipping and other revenue 9 4 2 13 7
Total revenue 3,275 3,315 3,043 6,590 5,988
--------------------------- ----- ----- ----- ----- -----
Realised prices
Q2 Q1 Q2 Q2 Q1 Q2
Units 2025 2025 2024 Units 2025 2025 2024
------------------ --------- ----- ----- ----- ----- ----- ----- -----
LNG produced $/MMBtu 9.8 10.6 9.6 $/boe 62 67 60
LNG traded(30) $/MMBtu 11.4 13.7 9.1 $/boe 72 86 58
Pipeline gas $/boe 36 36 38
Oil and condensate $/bbl 68 74 83 $/boe 68 74 83
NGL $/bbl 43 47 44 $/boe 43 47 44
Liquids traded(30) $/bbl 68 70 79 $/boe 68 70 79
Average realised price for
pipeline gas:
Western
Australia A$/GJ 6.8 6.9 6.5
East Coast
Australia A$/GJ 13.4 14.0 14.3
International $/Mcf 4.7 5.0 3.9
Average realised
price $/boe 59 65 62
Dated Brent $/bbl 68 76 85
JCC (lagged three
months) $/bbl 79 78 84
WTI $/bbl 64 71 81
JKM $/MMBtu 12.5 14.7 9.6
TTF $/MMBtu 12.2 14.6 9.2
Average realised price decreased 9% from the prior quarter reflecting lower Dated Brent, WTI, JKM and TTF.
Capital expenditure (US$ million)
Q2 Q1 Q2 YTD YTD
2025 2025 2024 2025 2024
----------------------------------- ------- ----- ----- ------- -----
Evaluation capitalised(31) 17 12 37 29 54
Property plant & equipment 828 889 1,135 1,717 2,225
Other (32) 23 4 60 27 111
----------------------------------- ------ ----- ----- ------ -----
Sub Total (excluding Louisiana LNG) 868 905 1,232 1,773 2,390
----------------------------------- ------ ----- ----- ------ -----
Louisiana LNG(33) 1,754 901 - 2,655 -
Cash contribution from
Stonepeak(34) (1,870) - - (1,870) -
----------------------------------- ------ ----- ----- ------ -----
Total 752 1,806 1,232 2,558 2,390
----------------------------------- ------ ----- ----- ------ -----
Q2 Q1 Q2 YTD YTD
2025 2025 2024 2025 2024
----------------------------------- ------- ----- ----- ------- -----
Scarborough 333 322 563 655 1,137
Trion 92 315 137 407 234
Sangomar 10 7 206 17 416
Other 433 261 326 694 603
----------------------------------- ------ ----- ----- ------ -----
Sub Total (excluding Louisiana LNG) 868 905 1,232 1,773 2,390
----------------------------------- ------ ----- ----- ------ -----
Louisiana LNG(33) 1,754 901 - 2,655 -
Cash contribution from
Stonepeak(34) (1,870) - - (1,870) -
----------------------------------- ------ ----- ----- ------ -----
Total 752 1,806 1,232 2,558 2,390
----------------------------------- ------ ----- ----- ------ -----
Other expenditure (US$ million)
Q2 Q1 Q2 YTD YTD
2025 2025 2024 2025 2024
---------------------------------------- ----- ----- ----- ----- -----
Exploration capitalised(31,35) - 5 1 5 22
Exploration and evaluation expensed(36) 46 35 46 81 100
Permit amortisation - 3 3 3 6
---------------------------------------- ----- ----- ----- ----- -----
Total 46 43 50 89 128
---------------------------------------- ----- ----- ----- ----- -----
Trading costs 178 232 128 410 273
---------------------------------------- ----- ----- ----- ----- -----
Exploration or appraisal wells drilled
No exploration or appraisal wells were drilled in the quarter.
Permits and licences
Key changes to permit and licence holdings during the quarter ended 30 June 2025 are noted below.
Permits or Change in Current
Region licence areas interest (%) interest (%) Remarks
-------------- -------------- -------------- -------------- --------------
GB 529, GB
530, GB 531,
GB 574, GB Licence
United States 575, GB 619 43% 100% assignment
AT 409, AT 452, AT 454 (30%) --% Licence
relinquished
GB 421, GB 464, GB 465, GB (40%) --% Licence
508, GB 509, GB 555, GB 604, relinquished
GB 605, GB 640, GB 641, GB
647, GB 648, GB 685, GB 726,
GB 728, GB 770, GB 771, GB
774
GB 501, GB 502, GB 545 (60%) --% Licence
relinquished
EB 655, EB 656, EB 700, EB (70%) --% Licence
701 relinquished
Production rates
Average daily production rates (100% project) for the quarter ended 30 June 2025:
Woodside Production rate (100%
share(37) project, Mboe/d) Remarks
Jun Mar
2025 2025
-------------------- ---------- ----------- ---------- -------------------
AUSTRALIA
NWS Project
Production was
lower due to
planned
LNG 29.25% 202 235 maintenance.
Crude oil and
condensate 29.29% 34 40
NGL 29.45% 8 8
Pluto LNG
Production was
higher due to
increased
LNG 90.00% 115 104 reliability.
Crude oil and
condensate 90.00% 10 9
Pluto-KGP
Interconnector
Production was
lower due to
planned maintenance
at the Karratha Gas
LNG 100.00% 19 23 Plant.
Crude oil and
condensate 100.00% 1 1
NGL 100.00% 1 1
Wheatstone(38)
Production was
higher due to
increased plant
LNG 11.55% 231 224 throughput.
Crude oil and
condensate 14.86% 31 31
Bass Strait
Production was
higher due to
increased seasonal
Pipeline gas 47.53% 84 76 demand.
Crude oil and
condensate 43.88% 11 10
NGL 45.48% 18 16
Australia Oil
Production was
higher due to
weather events in
Ngujima-Yin 60.00% 20 13 Q1 2025.
Okha 50.00% 13 7
Pyrenees 64.80% 9 6
Other
Pipeline gas(39) 44 42
Woodside Production rate (100%
share(40) project, Mboe/d) Remarks
Jun Mar
2025 2025
-------------------- ---------- ----------- ---------- -------------------
INTERNATIONAL
Atlantis
Production was
higher due to an
Crude oil and infill well brought
condensate 38.50% 74 71 online.
NGL 38.50% 6 4
Pipeline gas 38.50% 8 8
Mad Dog
Production was
Crude oil and lower due to
condensate 20.86% 130 137 reservoir decline.
NGL 20.86% 4 6
Pipeline gas 20.86% 2 3
Shenzi
Production was
lower due to
planned
maintenance, offset
Crude oil and by increased
condensate 64.71% 34 40 reliability.
NGL 64.76% 2 2
Pipeline gas 64.76% 1 1
Trinidad & Tobago
Crude oil and
condensate 69.26%(41) 1 1
Pipeline gas 47.50%(41) 51 53
Sangomar
Crude oil 80.43%(41) 101 99
Disclaimer and important notice
Forward looking statements
This report contains forward-looking statements with respect to Woodside's business and operations, market conditions, results of operations and financial condition, including for example, but not limited to, outcomes of transactions, statements regarding long-term demand for Woodside's products, potential investment decisions, development, completion and execution of Woodside's projects, expectations regarding future capital expenditures, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for renewables production capacity and investments in, and development of, renewables projects, expectations and guidance with respect to production, income, expenses, costs, losses, capital and exploration expenditure and gas hub exposure. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate', 'believe', 'aim', 'aspire', 'estimate', 'expect', intend', 'may', 'target', 'plan', 'strategy', 'forecast', 'outlook', 'project', 'schedule', 'will', 'should', 'seek', and other similar words or expressions. Similarly, statements that describe the objectives, plans, goals or expectations of Woodside are forward-looking statements.
Forward-looking statements in this report are not guarantees or predictions of future events or performance, but are in the nature of future expectations that are based on management's current expectations and assumptions. Those statements and any assumptions on which they are based are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements and assumptions on which they are based include, but are not limited to, fluctuations in commodity prices, actual demand for Woodside's products, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve and resource estimates, loss of market, industry competition, sustainability and environmental risks, climate related transition and physical risks, changes in accounting, standards, economic and financial markets conditions in various countries and regions, political risks, the actions of third parties, project delay or advancement, regulatory approvals, the impact of armed conflict and political instability (such as the ongoing conflicts in Ukraine and in the Middle East) on economic activity and oil and gas supply and demand, cost estimates, legislative, fiscal and regulatory developments, including but not limited to those related to the imposition of tariffs and other trade restrictions, and the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, and the impact of general economic conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets and risks associated with acquisitions, mergers, divestitures and joint ventures, including difficulties integrating or separating businesses, uncertainty associated with financial projections, restructuring, increased costs and adverse tax consequences, and uncertainties and liabilities associated with acquired and divested properties and businesses.
A more detailed summary of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside's most recent Annual Report released to the Australian Securities Exchange and in Woodside's most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. You should review and have regard to these risks when considering the information contained in this report.
If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this report.
All forward-looking statements contained in this report reflect Woodside's views held as at the date of this report and, except as required by applicable law, Woodside does not intend to, undertake to, or assume any obligation to, provide any additional information or update or revise any of these statements after the date of this report, either to make them conform to actual results or as a result of new information, future events, changes in Woodside's expectations or otherwise.
Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. None of Woodside nor any of its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives, nor any person named in this report or involved in the preparation of the information in this report, makes any representation, assurance, guarantee or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any outcomes, events or results expressed or implied in any forward-looking statement in this report. Past performance (including historical financial and operational information) is given for illustrative purposes only. It should not be relied on as, and is not necessarily, a reliable indicator of future performance, including future security prices.
Other important information
All figures are Woodside share for the quarter ending 30 June 2025, unless otherwise stated.
All references to dollars, cents or $ in this report are to US currency, unless otherwise stated.
References to "Woodside" may be references to Woodside Energy Group Ltd and/or its applicable subsidiaries (as the context requires).
Glossary, units of measure and conversion factors
Refer to the Glossary in the Annual Report 2024 for definitions, including carbon related definitions.
Product Unit Conversion factor ------------------- --------- ----------------- Natural gas 5,700 scf 1 boe ------------------- --------- ----------------- Condensate 1 bbl 1 boe ------------------- --------- ----------------- Oil 1 bbl 1 boe ------------------- --------- ----------------- Natural gas liquids 1 bbl 1 boe ------------------- --------- ----------------- Facility Unit LNG Conversion factor ------------------- ------- --------------------- Karratha Gas Plant 1 tonne 8.08 boe ------------------- ------- --------------------- Pluto LNG Gas Plant 1 tonne 8.34 boe ------------------- ------- --------------------- Wheatstone 1 tonne 8.27 boe ------------------- ------- ---------------------
The LNG conversion factor from tonne to boe is specific to volumes produced at each facility and is based on gas composition which may change over time.
Term Definition ------- ------------------------------------------ bbl barrel ------- ------------------------------------------ bcf billion cubic feet of gas ------- ------------------------------------------ boe barrel of oil equivalent ------- ------------------------------------------ GJ gigajoule ------- ------------------------------------------ Mbbl thousand barrels ------- ------------------------------------------ Mbbl/d thousand barrels per day ------- ------------------------------------------ Mboe thousand barrels of oil equivalent ------- ------------------------------------------ Mboe/d thousand barrels of oil equivalent per day ------- ------------------------------------------ Mcf thousand cubic feet of gas ------- ------------------------------------------ MMboe million barrels of oil equivalent ------- ------------------------------------------ MMBtu million British thermal units ------- ------------------------------------------ MMscf/d million standard cubic feet of gas per day ------- ------------------------------------------ Mtpa million tonnes per annum ------- ------------------------------------------ PJ petajoules ------- ------------------------------------------ scf standard cubic feet of gas ------- ------------------------------------------ TJ terajoule ------- ------------------------------------------
(1) Includes a base purchase price of $206 million plus working capital completion adjustments, based on an effective date of 1 January 2025.
(2) Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of $10 million in Q2 2024 and -$14 million in YTD 2024. These amounts will be included within other income/(expenses) in the Financial Statements. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.
(3) Q2 2025 includes 0.28 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.
(4) Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.19 MMboe in Q2 2024 and -0.09 MMboe in YTD 2024. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.
(5) Includes capital additions on property plant and equipment, evaluation capitalised and other corporate spend. Exploration capitalised has been reclassified from capital expenditure to other expenditure.
(6) Capital expenditure for Louisiana LNG is presented as a net figure inclusive of cash contributions received from Stonepeak representing their share of the project's capital expenditure to date. Q2 2025 includes a $1,870 million cash contribution.
(7) Completion of the transaction is subject to conditions precedent.
(8) Includes a base purchase price of $206 million plus working capital completion adjustments, based on an effective date of 1 January 2025.
(9) The project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government's Renewable Hydrogen Strategy.
(10) Energy supply may include hydrogen, natural gas and/or electricity.
(11) Woodside uses this term to describe the characteristic of having lower levels of associated potential greenhouse gas emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity. When applied to Woodside's strategy, please see the definition of lower-carbon portfolio in Woodside's 2024 Annual Report.
(12) Major Project Status is the Australian Government's recognition of a project's national significance through its contribution to strategic priorities, economic growth, employment, or to regional Australia.
(13) Targets are for net equity Scope 1 and 2 greenhouse gas emissions relative to a starting base of 6.32 Mt CO(2) -e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets.
(14) This means net equity for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base.
(15) Gas hub indices include Japan Korea Marker (JKM), TTF and National Balancing Point (NBP). It excludes Henry Hub.
(16) Capital expenditure includes the following participating interests; Scarborough (74.9%), Pluto Train 2 (51%) and Trion (60%). It excludes the remaining Beaumont New Ammonia acquisition expenditure and Louisiana LNG expenditure. This guidance assumes no change to these participating interests in 2025. This excludes the impact of any subsequent asset sell-downs, future acquisitions or other changes in equity.
(17) Q2 2025 includes 1.69 MMboe of LNG, 0.09 MMboe of condensate and 0.05 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.
(18) Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
(19) Q2 2025 includes 0.28 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.
(20) Overriding royalty interests held in the USA for several producing wells.
(21) Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.19 MMboe in Q2 2024 and -0.09 MMboe in YTD 2024. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.
(22) Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
(23) Overriding royalty interests held in the USA for several producing wells.
(24) Purchased volumes sourced from third parties.
(25) Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of $10 million in Q2 2024 and -$14 million in YTD 2024. These amounts will be included within other income/(expenses) in the financial statements. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.
(26) Includes the impact of periodic adjustments related to the production sharing contract $(PSC.AU)$.
(27) Overriding royalty interests held in the USA for several producing wells.
(28) Values include revenue generated from purchased LNG and Liquids volumes, as well as the marketing margin on the sale of Woodside's produced LNG and Liquids portfolio. Marketing revenue excludes hedging impacts and cargo swaps where a Woodside produced cargo is sold and repurchased from the same counterparty to optimise the portfolio. The margin for these cargo swaps is recognised net in other income.
(29) Referred to as 'Revenue from sale of hydrocarbons' in Woodside financial statements. Total sales revenue excludes all hedging impacts.
(30) Excludes any additional benefit attributed to produced volumes through third-party trading activities.
(31) Project final investment decisions result in amounts of previously capitalised exploration and evaluation expense (from current and prior years) being transferred to property plant & equipment. This table does not reflect the impact of such transfers.
(32) Other primarily incorporates corporate spend including SAP build costs, other investments and other capital expenditure.
(33) Capital expenditure for Louisiana LNG is presented at 100% working interest equity.
(34) Cash contributions received from Stonepeak represent their share of the project's capital expenditure since the effective date of 1 January 2025.
(35) Exploration capitalised has been reclassified from capital expenditure to other expenditure. Exploration capitalised represents expenditure on successful and pending wells, plus permit acquisition costs during the period and is net of well costs reclassified to expense on finalisation of well results.
(36) Includes seismic and general permit activities and other exploration costs.
(37) Woodside share reflects the net realised interest for the period.
(38) The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has a 65% participating interest and is the operator.
(39) Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
(40) Woodside share reflects the net realised interest for the period.
(41) Operations governed by production sharing contracts.
This announcement was approved and authorised for release by Woodside's Disclosure Committee.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250722753007/en/
CONTACT: INVESTORS
Vanessa Martin
M: +61 477 397 961
E: investor@woodside.com
MEDIA
Christine Forster
M: +61 484 112 469
E: chris.forster@woodside.com
REGISTERED ADDRESS
Woodside Energy Group Ltd
ACN 004 898 962
Mia Yellagonga
11 Mount Street
Perth WA 6000
Australia
T: +61 8 9348 4000
www.woodside.com
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July 22, 2025 21:55 ET (01:55 GMT)