Woodside Power Group Ltd. reported half-year manufacturing of 548 thousand barrels of oil equal per day (boepd), or 99.2 million barrels of oil equal (boe) in complete, which is 11% larger in comparison with the comparable interval final 12 months.
The Australian power firm stated in a half-year report that it lowered unit manufacturing prices to $7.70 per boe from $8.30 per boe.
“The excellent efficiency of our high-quality belongings over the primary half has continued to help protected, dependable operations,” Woodside CEO Meg O’Neill stated. “This has been complemented by a powerful concentrate on value administration, leading to a discount in our unit manufacturing prices. We have now additionally taken a disciplined strategy to future progress and lowered spend on new power and exploration as we prioritize delivering sanctioned tasks”.
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Woodside reported first-half earnings of $0.69 per diluted share, down from $1.01 a 12 months in the past. Underlying internet revenue after tax dropped to $1.25 billion from $1.63 billion, whereas working income rose to $6.59 billion from $6.0 billion in the identical interval in 2024.
“A spotlight was the continuing distinctive efficiency of our Senegal Undertaking, which marked one 12 months since first oil in June 2024. In simply the primary half of 2025, Sangomar has generated income nearing $1 billion, with gross manufacturing of 100 thousand barrels per day. Proved reserves have additionally been added, following constructive early subject efficiency,” O’Neill stated.
“Our excellence in undertaking supply was additional demonstrated within the first half. The Scarborough Power Undertaking in Western Australia is 86 % full and focusing on first LNG [liquefied natural gas] cargo within the second half of 2026. Our Trion Undertaking offshore Mexico is 35 % full and focusing on first oil in 2028,” she added.
In April, Woodside made a closing funding resolution on Louisiana LNG in Calcasieu Parish. The FID accepted section 1, which entails three liquefaction trains with a mixed capability of 16.5 million metric tons each year.
“The undertaking’s compelling worth proposition was bolstered with key infrastructure, offtake, and fuel provide agreements signed with high-quality companions. This included completion of the sell-down of a 40 % curiosity in Louisiana LNG Infrastructure LLC to Stonepeak for $5.7 billion, which can see Stonepeak contribute 75 % of the anticipated undertaking capital expenditure over each 2025 and 2026,” O’Neill stated.
“We proceed to obtain sturdy curiosity from high-quality potential companions as we discover additional sell-downs of Louisiana LNG. This highlights the distinct worth Woodside provides, with our enterprise mannequin effectively positioned to ship compelling long-term worth within the US LNG market, additional differentiated by our in depth LNG expertise, portfolio advertising and marketing capabilities, and stability sheet power,” she acknowledged.
Final month, Woodside stated it agreed to imagine operatorship of the Bass Strait belongings, unlocking potential growth of extra fuel assets, after an settlement with ExxonMobil Australia.
From completion, Woodside will assume operatorship of the offshore Bass Strait manufacturing belongings, the Longford Gasoline Plant, the Lengthy Island Level fuel liquids processing facility and related pipeline infrastructure. Woodside and ExxonMobil’s fairness pursuits within the belongings and present decommissioning plans and provisions stay unchanged, in line with an earlier assertion.
As operator, Woodside stated it’ll tackle duty for asset planning and execution actions, pursuing a price maximization technique that targets additional manufacturing and reliability enhancements.
The corporate stated it has recognized 4 potential growth wells that might ship as much as 200 petajoules of gross sales fuel to the market. Underneath the settlement, Woodside can solely develop these alternatives by means of the Bass Strait infrastructure topic to additional technical maturation and a closing funding resolution.
“Additional strengthening our operational capabilities and subsequent to the interval, we agreed to imagine operatorship of the Bass Strait belongings offshore Victoria from ExxonMobil. This settlement creates flexibility for future growth alternatives by means of current infrastructure,” O’Neill stated.
The Bass Strait belongings embrace the Gippsland Basin Joint Enterprise (GBJV) and the Kipper Unit Joint Enterprise (KUJV). Woodside and ExxonMobil Australia maintain a 50 % collaborating curiosity every within the GBJV and 32.5 % collaborating curiosity every within the KUJV, the assertion stated.
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