Woodside Energy Releases Third Quarter Report for Period Ended 30 September 2025

October 22, 2025

by WebSupport@BusinessWire.com

Sangomar extends its run

Quarterly performance highlights

Quarterly production of 50.8 MMboe (552 Mboe/d), up 1% from Q2 2025. Full-year 2025 production guidance has been revised to 192 – 197 MMboe.
Continued exceptional performance from Sangomar, with 99 Mbbl/d produced (100% basis, 82 Mbbl/d Woodside share), generating $477 million revenue for the quarter.
Achieved outstanding Pluto LNG reliability of 100% for the quarter.
Achieved an average realised quarterly price of $60/boe, benefiting from diversified pricing and optimisation.

Project highlights

The Scarborough Energy Project was 91% complete, and is on track for first LNG in the second half of 2026.
The Beaumont New Ammonia Project was 97% complete, with Phase 1 targeting first ammonia production from late 2025.
The Trion Project was 43% complete, and is targeting first oil in 2028.
The Louisiana LNG Project, comprising three trains, was 19% complete. Train 1 was 25% complete and is targeting first LNG in 2029.

Business and portfolio highlights

Received the final environmental approval from the Australian Government on the North West Shelf Project Extension. The approval enables continued operations beyond 2030, allowing increased resource recovery and other resource owners gas processing subject to rigorous conditions.
Agreed to assume operatorship of the Bass Strait assets, unlocking potential development of additional gas resources, with completion targeted in 2026.
Completed the divestment of the Greater Angostura assets, receiving cash of $259 million.¹
Entered into a sale and purchase agreement with PETRONAS and a heads of agreement with BOTAŞ for the long-term supply of LNG.²

PERTH, Australia–(BUSINESS WIRE)–Woodside Energy Group (ASX: WDS) (NYSE: WDS):

2025 full-year guidance		Prior	Current	Comments
Production	MMboe	188 – 195	192 – 197	Continued strong performance across assets
Unit production cost	$/boe	8.0 – 8.5	7.6 – 8.1	Continued strong performance from Sangomar and US assets
Property, plant and equipment depreciation and amortisation	$ million	4,700 – 5,000	4,800 – 5,100
Exploration expenditure	$ million	200	No change
Payments for restoration	$ million	700 – 1,000	No change
Gas hub exposure³	% of produced LNG	28 – 35	27 – 31
Capital expenditure (excluding Louisiana LNG)⁴⁵	$ million	4,000 – 4,500	3,700 – 4,000	Timing of sustaining capital expenditure and Scarborough; no impact to total cost or start-up schedule.
Louisiana LNG expenditure^5,6	$ million	1,000 -1,200	No change

Woodside CEO Meg O’Neill said the company maintained excellent operational performance over the quarter, while efficiently executing a global portfolio of growth projects to drive long-term shareholder value.

“Woodside delivered increased quarterly production of 51 million barrels of oil equivalent. Sangomar maintained its exceptional performance, producing 99 thousand barrels of oil per day at 98.2% reliability. Our Australian assets also demonstrated outstanding reliability of 100% at Pluto LNG and 99.9% at the North West Shelf Project.

“We received final Australian Government approval during the quarter for the North West Shelf Project Extension, providing certainty for ongoing operations and reliable energy supply from this high-quality asset.

“Our agreement to assume operatorship of the Bass Strait assets further strengthens Woodside’s Australian operations portfolio and unlocks potential development of additional gas resources.

“We continued safe delivery of Woodside’s major growth projects to schedule and budget.

“Strong momentum on delivery of the Scarborough Energy Project continues, which is now 91% complete and on track for first LNG in the second half of 2026. During the quarter, three more development wells were drilled with reservoir quality and well deliverability expectations in line with pre-drill estimates, and pre-commissioning of the subsea infrastructure was completed.

“Our Beaumont New Ammonia Project is 97% complete, with key systems now operational and commissioning activities underway. We continue to target first ammonia production in late 2025.

“Our Louisiana LNG Project, comprising three trains, has ramped up with more than 1,000 personnel now on site and construction is 19% complete. Strong support for the project from state and federal governments and the Louisiana community was in evidence at our groundbreaking ceremony in September.

“Customer demand for Woodside’s LNG remains robust. Our fully termed sales and purchase agreement with PETRONAS will see Woodside supply one million tonnes per annum of LNG to Malaysia from 2028 for a 15-year period. Under our heads of agreement with BOTAŞ, Woodside will supply the Turkish company with approximately 0.5 million tonnes per annum of LNG over nine years from 2030, subject to entering a binding sales and purchase agreement.

“Woodside continues to support our customers’ decarbonisation efforts. During the quarter, we signed a memorandum of understanding with Japan Suiso Energy and The Kansai Electric Power Co. to collaborate on the proposed development of a liquid hydrogen supply chain between Western Australia and Japan, centred on our proposed H2Perth Project. The Premier of Western Australia attended the signing event, highlighting the significance of this opportunity.”

Comparative performance at a glance

		Q3 2025	Q2 2025	Change %	Q3 2024	Change %	YTD 2025	YTD 2024	Change %
Revenue⁷	$ million	3,359	3,275	3%	3,707	(9%)	9,949	9,695	3%
Production⁸	MMboe	50.8	50.1	1%	53.1	(4%)	149.9	142.4	5%
Gas	MMscf/d	1,827	1,825	—	2,001	(9%)	1,831	1,939	(6%)
Liquids	Mbbl/d	231	230	—	226	2%	228	180	27%
Total	Mboe/d	552	550	—%	577	(4%)	549	520	6%
Sales⁹	MMboe	55.0	54.4	1%	56.1	(2%)	159.6	149.9	6%
Gas	MMscf/d	2,116	2,050	3%	2,172	(3%)	2,043	2,079	(2%)
Liquids	Mbbl/d	226	238	(5%)	228	(1%)	226	182	24%
Total	Mboe/d	598	598	—%	609	(2%)	585	547	7%
Average realised price	$/boe	60	59	2%	65	(8%)	61	63	(3%)
Capital expenditure	$ million	1,323	752	76%	3,033	(56%)	3,881	5,423	(28%)
Capex excluding Louisiana LNG¹⁰	$ million	1,047	868	21%	1,133	(8%)	2,820	3,523	(20%)
Louisiana LNG¹¹	$ million	276	(116)	338%	—	—	1,061	—	—
Acquisitions	$ million	—	–	—	1,900	(100%)	—	1,900	(100%)

Operations

Pluto LNG

Achieved quarterly LNG reliability of 100%.
The XNA-03 infill well is progressing toward RFSU, targeted in H1 2026.

North West Shelf (NWS) Project

Achieved strong quarterly LNG reliability of 99.9%.
Completed planned maintenance offshore at North Rankin and onshore at Karratha Gas Plant (KGP), with production recommencing as planned.
Successfully started the Lambert West development well, tied back to the Angel platform.
Received the final environmental approval from the Australian Government on the NWS Project Extension, enabling processing of remaining infill and near-field opportunities from existing NWS reserves beyond 2030 and gas from other resource owners. Woodside has assessed the work required to meet the federal conditions; there is no material increase expected to forecast capital expenditure to maintain ongoing North West Shelf production. The federal conditions provide clarity on the modifications required at KGP that will support processing of other resource owners’ gas.
Subsequent to the quarter, two separate legal proceedings were commenced in the Federal Court of Australia challenging the Australian Government’s decision to approve the NWS Project Extension.

Wheatstone and Julimar-Brunello

Bass Strait

Agreed to assume operatorship of the Bass Strait assets from ExxonMobil Australia, with completion targeted for 2026.¹³ Four potential development wells have been identified that could deliver up to 200 PJ of sales gas to the market, subject to further technical maturation and a final investment decision. This potential production has been identified from within the existing contingent resource opportunity set.¹⁴
Delivered reliability of 90.5% during the peak winter period, the first winter post completion of the Gippsland Asset Streamlining Project.
Progressed the Kipper 1B Project with drilling activities completed subsequent to the end of the period.

Sangomar

Achieved average daily production rate of 99 Mbbl/d (100% basis, 82 Mbbl/d Woodside share) at 98.2% reliability.
Strong field performance in the S500 reservoirs resulted in an additional 18.4 million barrels of proved (1P) reserves being added in July.¹⁵
Production from the Sangomar field remained on plateau through the quarter, with the field expected to come off plateau during Q4 2025.
Recognised as International Local Content Champion of the Year by African Energy Week 2025 for commitment to building local capacity and fostering skills transfer.

United States of America

Achieved strong quarterly production at Shenzi, supported by reliability of 97.1%.
Commenced drilling activities on the Atlantis Drill Center 1 Expansion Project.
Achieved first production from the Argos Southwest Extension Project in August, 25 months after finishing the appraisal well.

Greater Angostura

On 11 July 2025, completed the divestment of the Greater Angostura assets to Perenco which includes Woodside’s interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities, and onshore terminal, receiving cash of $259 million.¹⁶

Signed a fully termed sales and purchase agreement with PETRONAS LNG Ltd, a subsidiary of Petroliam Nasional Berhad (PETRONAS), for the supply of 1 Mtpa of LNG to Malaysia from 2028 for a period of 15 years.
Signed a heads of agreement with Boru Hatlarıile Petrol Taşıma A.Ş. (BOTAŞ), for the supply of approximately 0.5 Mtpa of LNG from 2030, for a period of up to nine years. Supply will primarily be from the Louisiana LNG Project. The supply arrangement is subject to the parties entering a binding sales and purchase agreement.
Woodside held a naming ceremony for two new LNG charter vessels, the Woodside Jirrubakura and the Woodside Barrumbara. The Woodside Jirrubakura was delivered during the quarter and will support the start-up of the Scarborough Energy Project.
Executed incremental pipeline gas sales of:
- 4.9 PJ in Western Australia for delivery in 2025. Woodside continues to engage with the Western Australian domestic market on additional spot supply and requirements for 2026 and 2027.
- 29.2 PJ in Eastern Australia for delivery in 2026 and 2027.
Supplied 29.8% of produced LNG at prices linked to gas hub indices in the quarter, realising a $2.4/MMBtu premium compared to oil-linked pricing. This represents 10.9% of Woodside’s total equity production.

Business Development

Scarborough Energy Project

The Scarborough and Pluto Train 2 Projects were 91% complete at the end of the quarter (excluding Pluto Train 1 modifications).
Continued integration and commissioning activities for the floating production unit ahead of China departure in November.
Continued drilling of the development wells with the fourth, fifth and sixth wells drilled and completed. Subsequent to the period, the seventh development well was drilled. Reservoir quality and well deliverability expectations continue to be in line with pre-drill estimates.
Completed the installation, testing and pre-commissioning of the subsea infrastructure.
Pluto Train 2 workforce numbers remain at peak levels. Key activities include piping and electrical installation, system testing and commissioning.
Completed installation of structural decks on the Pluto Train 1 modifications modules. Key activities include piping, electrical and equipment installation.
The Federal Court of Australia confirmed the validity of the National Offshore Petroleum and Safety and Environmental Management Authority’s acceptance of the Scarborough Offshore Facility and Trunkline (Operations) Environment Plan.
First LNG cargo is on track for the second half of 2026.

Beaumont New Ammonia

The Beaumont New Ammonia Project was 97% complete at the end of the quarter.
Pre-commissioning and commissioning activities for Train 1 remain underway. Key systems are now operational.
Catalyst loading in the ammonia converter has begun and commissioning of critical equipment is scheduled to begin in October.
First ammonia production is targeted for late 2025, subject to satisfying the commissioning and startup requirements for the facility.
Project completion and associated payment of the remaining 20% of the acquisition consideration is expected in 2026.

Trion

The Trion Project was 43% complete at the end of the quarter.
Progressed fabrication of the floating production unit hull and topside.
Commenced fabrication and progressed detailed engineering of the floating storage and offloading unit.
Progressed manufacturing of subsea equipment, with the first manifold completed.
Received regulatory approval for the Environmental Impact Assessment.
First oil is targeted for 2028.

Louisiana LNG

The Louisiana LNG Project, comprising three trains, was 19% complete and first LNG is targeted for 2029.
Train 1 was 25% complete at the end of the quarter. First deliveries of structural steel and process piping were received for Train 1 construction.
Train 2 and 3 were 14% and 12% complete respectively at the end of the quarter. Foundation work for both are underway.
Commenced LNG tank vertical construction.
Continued focus on progressing the marine offloading facility, marine dry excavation, and civil works.
Progressed securing rights of way for new build pipeline (Line 200) to terminal, currently secured 55% by length.
Received approval of the Quality Jobs incentive application from the Louisiana Board of Commerce and Industry. The incentive is estimated to provide $132 million in rebates for the Project.

Hydrogen Refueller @H2Perth

The Hydrogen Refueller @H2Perth is a self-contained hydrogen production, storage and refuelling station located in Perth, Western Australia.
Commissioning activities have commenced on site in preparation, ready for startup in Q4 2025.
First hydrogen production is targeting the first half of 2026.¹⁷

Decommissioning

Recommenced offshore decommissioning execution activities on Stybarrow and Griffin in accordance with revised General Direction requirements.
Completed removal of xmas trees from the ten Stybarrow wells and commenced removal of associated wellheads with four wellheads removed in Q3.
Completed removal of Griffin mid-depth buoy chains.
Commenced preparations for planned removal of the Echo Yodel umbilical in Q4 2025.
In Bass Strait, 11 wells were plugged in the quarter. Received funding approval for the offshore platform removal campaign 1 project and progressed environmental approvals.

Exploration and development

Browse

In August, the Western Australian Environmental Protection Authority accepted an amendment to the Browse to North West Shelf Project proposal, which reflects changes to the development footprint and new environmental measures.
In September, the Department of Climate Change, Energy, the Environment and Water (DCCEEW) accepted the corresponding amendment to the Commonwealth Browse to North West Shelf Project proposal.
Following the referral of the Browse CCS Project in October 2024, awaiting a decision by DCCEEW on the assessment approach and corresponding level of assessment for the Browse CCS Project environmental proposal under the Environment Protection and Biodiversity Conservation Act.
Engaged contractors to progress pre-FEED engineering scopes for floating production, storage and offtake facilities.

Sunrise

Woodside remains engaged with both the Timor-Leste and Australian Governments, as well as the Sunrise Joint Venture participants, to evaluate and address technical and commercial factors that support the intended development of the fields.
Following Woodside’s visit to Timor-Leste’s south coast as a potential location for processing Sunrise gas, a reciprocal visit was hosted in Karratha and Perth for the Timor-Leste Minister of Petroleum and Mineral Resources and a senior Timorese delegation to demonstrate Woodside’s LNG project execution skills and capabilities.

Calypso

The Calypso Joint Venture continues to review development options. Concept select engineering studies to mature the technical and commercial definition were completed in Q3.

Exploration

Acquired 17.5% working interest across five blocks in the Green Canyon (United States) offshore area.
The Bandit-1 well (non-operated) was spud in September 2025 in permit area GC 680.

New energy and carbon solutions

H2 Perth

Carbon capture and storage (CCS) opportunities

The Bonaparte CCS Assessment Joint Venture continued with pre-front end engineering design.
Woodside continues to assess the South East Australia CCS opportunity.

Corporate activities

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.^18,19
Released Woodside’s 2024 Reconciliation Action Plan Report. The report outlines progress against four pillars: Respect for Culture and Heritage, Capability and Capacity, Economic Participation and Stronger Communities.

Hedging

As at 30 September 2025, delivered approximately 83% of the 30 MMboe of 2025 oil production that was previously hedged at an average price of $78.7 per barrel.
The realised value of all hedged positions for the period ended 30 September 2025 is an estimated pre-tax profit of $139 million, with a $135 million profit related to oil price hedges offset by a $16 million loss related to Corpus Christi hedges, and a $20 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 financial statements.

Funding and liquidity

As at 30 September 2025, Woodside had liquidity of approximately $8,300 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.
As there is no long-term urea forward curve, Title Transfer Facilities (TTF) continues to be used as a proxy to simulate the value of the derivative over the life of the contract.
For the quarter ended 30 September 2025, an unrealised loss of approximately $15 million is expected to be recognised through other income.

Capital Markets Day

Woodside’s Capital Markets Day 2025 will be held on Wednesday, 5 November 2025, commencing at 9:30 AEDT / 6:30 AWST / 16:30 CST (Tuesday, 4 November 2025).
A live webcast of the event will be available at https://meetings.lumiconnect.com/300-031-281-118.

Upcoming events 2025-2026

November	5	Capital Markets Day
January	28	Fourth quarter 2025 report
February	24	2025 Annual Report

Production summary


		Q3 2025	Q2 2025	Q3 2024	YTD 2025	YTD 2024
Gas	MMscf/d	1,827	1,825	2,001	1,831	1,939
Liquids	Mbbl/d	231	230	226	228	180
Total	Mboe/d	552	550	577	549	520

		Q3 2025	Q2 2025	Q3 2024	YTD 2025	YTD 2024
AUSTRALIA
LNG
North West Shelf	Mboe	5,895	5,375	7,029	17,665	22,309
Pluto²⁰	Mboe	12,328	11,097	12,007	33,855	35,487
Wheatstone	Mboe	2,677	2,424	2,565	7,523	6,881
Total	Mboe	20,900	18,896	21,601	59,043	64,677

Pipeline gas
Bass Strait	Mboe	3,929	3,653	4,069	10,774	9,838
Other²¹	Mboe	3,921	3,975	4,016	11,703	11,142
Total	Mboe	7,850	7,628	8,085	22,477	20,980

Crude oil and condensate
North West Shelf	Mbbl	1,093	912	1,265	3,111	3,937
Pluto²⁰	Mbbl	989	899	966	2,745	2,830
Wheatstone	Mbbl	471	419	474	1,331	1,316
Bass Strait	Mbbl	505	457	701	1,364	1,696
Macedon & Pyrenees	Mbbl	347	558	633	1,274	849
Ngujima-Yin	Mbbl	960	1,084	1,231	2,769	3,091
Okha	Mbbl	575	587	615	1,474	1,572
Total	Mboe	4,940	4,916	5,885	14,068	15,291

NGL
North West Shelf	Mbbl	258	207	288	695	857
Pluto²⁰	Mbbl	65	52	55	169	168
Bass Strait	Mbbl	842	753	1,152	2,263	2,925
Total	Mboe	1,165	1,012	1,495	3,127	3,950

Total Australia²²	Mboe	34,855	32,452	37,066	98,715	104,898
Total Australia²²	Mboe/d	379	357	403	362	383

		Q3 2025	Q2 2025	Q3 2024	YTD 2025	YTD 2024
INTERNATIONAL
Pipeline gas
USA	Mboe	491	409	327	1,278	1,011
Trinidad & Tobago	Mboe	242	2,205	2,289	4,863	6,528
Other²³	Mboe	6	5	–	34	–
Total	Mboe	739	2,619	2,616	6,175	7,539

Crude oil and condensate
Atlantis	Mbbl	2,783	2,604	2,351	7,859	6,811
Mad Dog	Mbbl	2,310	2,470	2,363	7,357	8,072
Shenzi	Mbbl	2,088	2,021	2,047	6,431	6,785
Trinidad & Tobago	Mbbl	13	93	143	205	363
Sangomar	Mbbl	7,516	7,396	5,902	21,922	6,442
Other²³	Mbbl	5	–	81	5	243
Total	Mboe	14,715	14,584	12,887	43,779	28,716

NGL
USA	Mbbl	442	398	515	1,238	1,263
Other²³	Mbbl	3	3	–	18	–
Total	Mboe	445	401	515	1,256	1,263

Total International	Mboe	15,899	17,604	16,018	51,210	37,518
Total International	Mboe/d	173	193	174	188	137

Total Production	Mboe	50,754	50,056	53,084	149,925	142,416
Total Production	Mboe/d	552	550	577	549	520

Product sales


		Q3 2025	Q2 2025	Q3 2024	YTD 2025	YTD 2024
Gas	MMscf/d	2,116	2,050	2,172	2,043	2,079
Liquids	Mbbl/d	226	238	228	226	182
Total	Mboe/d	598	598	609	585	547

		Q3 2025	Q2 2025	Q3 2024	YTD 2025	YTD 2024
AUSTRALIA
LNG
North West Shelf	Mboe	4,743	5,059	7,353	16,689	22,442
Pluto	Mboe	13,609	11,969	12,014	35,254	35,276
Wheatstone²⁴	Mboe	1,623	3,346	3,345	7,186	8,104
Total	Mboe	19,975	20,374	22,712	59,129	65,822

Pipeline gas
Bass Strait	Mboe	4,070	3,620	4,163	10,989	10,241
Other²⁵	Mboe	4,028	3,833	3,816	11,445	10,145
Total	Mboe	8,098	7,453	7,979	22,434	20,386

Crude oil and condensate
North West Shelf	Mbbl	1,194	616	1,253	3,039	4,371
Pluto	Mbbl	1,338	650	858	2,693	2,781
Wheatstone	Mbbl	417	651	360	1,402	1,355
Bass Strait	Mbbl	531	599	662	1,664	1,530
Ngujima-Yin	Mbbl	1,171	1,151	1,082	2,985	3,099
Okha	Mbbl	–	1,256	618	1,256	1,808
Macedon & Pyrenees	Mbbl	496	498	498	1,493	994
Total	Mboe	5,147	5,421	5,331	14,532	15,938

NGL
North West Shelf	Mbbl	430	–	249	907	770
Pluto	Mbbl	105	–	52	215	156
Bass Strait	Mbbl	374	1,010	1,142	1,610	2,288
Total	Mboe	909	1,010	1,443	2,732	3,214

Total Australia	Mboe	34,129	34,258	37,465	98,827	105,360
Total Australia	Mboe/d	371	376	407	362	385

		Q3 2025	Q2 2025	Q3 2024	YTD 2025	YTD 2024
INTERNATIONAL
Pipeline gas
USA	Mboe	344	324	286	962	908
Trinidad & Tobago	Mboe	243	2,233	2,004	4,750	6,067
Other²⁶	Mboe	4	4	2	12	13
Total	Mboe	591	2,561	2,292	5,724	6,988

Crude oil and condensate
Atlantis	Mbbl	2,801	2,606	2,436	7,901	6,875
Mad Dog	Mbbl	2,310	2,485	2,489	7,415	8,158
Shenzi	Mbbl	2,094	2,030	2,032	6,326	6,814
Trinidad & Tobago	Mbbl	5	133	221	181	292
Sangomar	Mbbl	6,833	7,505	6,070	20,859	6,070
Other²⁶	Mbbl	47	47	45	151	164
Total	Mboe	14,090	14,806	13,293	42,833	28,373

NGL
USA	Mbbl	440	385	388	1,196	1,255
Other²⁶	Mbbl	2	2	1	6	7
Total	Mboe	442	387	389	1,202	1,262

Total International	Mboe	15,123	17,754	15,974	49,759	36,623
Total International	Mboe/d	164	195	174	182	134

MARKETING²⁷
LNG	Mboe	5,492	2,337	2,077	10,579	6,756
Liquids	Mboe	249	64	555	417	1,163
Total	Mboe	5,741	2,401	2,632	10,996	7,919

Total Marketing	Mboe	5,741	2,401	2,632	10,996	7,919

Total sales	Mboe	54,993	54,413	56,071	159,582	149,902
Total sales	Mboe/d	598	598	609	585	547