Woodside Releases First Quarter Report for Period Ended 31 March 2025
Outstanding performance from high quality assets
Operations
-- Maintained exceptional production from Sangomar of 78 Mbbl/day (Woodside
equity interest) produced in the quarter.
-- Quarterly production of 49.1 MMboe (546 Mboe/day), down 4% from Q4 2024
due to weather impacts at NWS and unplanned outages at Pluto, partially
offset by higher production at Shenzi and Atlantis. Quarterly production
increased 9% from Q1 2024 due to the addition of Sangomar production.
-- Quarterly revenue of $3,315 million, down 5% from Q4 2024 primarily due
to lower production and lower oil-linked prices. Quarterly revenue
increased 13% from Q1 2024 due to Sangomar start-up in July 2024 and high
gas hub-linked prices.
-- Sold 25.4% of produced LNG at prices linked to gas hub indices in the
quarter (9.4% of total equity production).
Projects
-- Strong project execution for the quarter, with all projects on schedule
and budget.
-- The Beaumont New Ammonia Project was 90% complete, with Phase 1 of the
project on track for startup in the second half of 2025.
-- The Scarborough Energy Project was 82% complete, and remains on track for
first LNG cargo in the second half of 2026.
-- The Trion Project was 26% complete, and remains on track for first oil in
2028.
Portfolio developments
-- Further streamlining Woodside's portfolio and generating near-term cash
flow by divesting the Greater Angostura assets.1
-- Subsequent to the quarter, entered an agreement for the sale of a 40%
interest in Louisiana LNG Infrastructure LLC.2
-- Subsequent to the quarter, signed LNG sale and purchase agreements with
Uniper for the supply of up to two million tonnes per annum.3
PERTH, Australia--(BUSINESS WIRE)--April 22, 2025--
Woodside Energy Group (ASX: WDS) (NYSE: WDS):
Woodside CEO Meg O'Neill said the company continued its focus on operational excellence and project delivery over the first quarter of 2025, while laying the foundation for Woodside's next phase of value creation.
"We maintained world-class operational performance across our portfolio of high-quality assets, with Sangomar further boosting quarterly revenue through exceptional production of 78 thousand barrels per day at almost 98% reliability.
"Significant progress was made on our major growth projects, all of which are proceeding to schedule and within budget.
"At our Beaumont New Ammonia Project, pre-commissioning activities are expected to commence in the second quarter, with startup targeted for the second half of the year. This value-creating opportunity is set to deliver returns above our capital allocation framework and will position Woodside very competitively in the growing market for lower-carbon ammonia.
"Our Scarborough Energy Project is progressing as scheduled towards first LNG cargo in the second half of 2026, with the hull and topsides of the floating production unit being prepared for integration activities.
"The Trion Project is also gaining momentum. The construction of the subsea equipment and floating facilities is progressing well, and the project remains on schedule for first oil in 2028.
"We are progressing at pace towards a final investment decision on Louisiana LNG, positioning Woodside as a global LNG powerhouse. We passed a major milestone on 7 April, announcing the sale of a 40% interest in the infrastructure entity to Stonepeak, a leading global investment firm. The accelerated capital contribution from Stonepeak enhances Louisiana LNG returns, reduces Woodside's capital commitments and strengthens Woodside's near-term capacity for shareholder distributions.
"The exceptional value proposition offered by Louisiana LNG was further demonstrated by our 17 April agreement for long-term supply of LNG to Uniper, whose leadership in European energy markets make it an ideal foundation customer for the project.
"We are pleased with the strong level of interest from potential strategic partners and are advancing discussions targeting further equity sell-down in Louisiana LNG.
"Louisiana LNG has a Foreign-Trade Zone, enabling the project to defer payment of tariffs until completion of each LNG train. We are assessing the potential impacts of recent tariff announcements and potential further trade measures on Louisiana LNG. Around 25% of Louisiana LNG's estimated capital expenditure is equipment and materials, approximately half of which is currently expected to be sourced from the US.
"As Australia approaches a federal election, it is encouraging to see both major parties recognising the essential role of gas in supporting national prosperity and a stable energy transition. We look forward to certainty for ongoing operations at the North West Shelf beyond 2030, to enable it to support thousands of direct and indirect jobs, billions of dollars in taxes and royalties, and secure future gas supply to Western Australia.
"Customer demand for Woodside's LNG remains robust. The 15-year sale and purchase agreement with China Resources announced during the quarter was Woodside's fourth new long-term contract with a regional customer in just over a year.
"With significant growth in the pipeline, we continue to streamline our business to focus on core and high-value assets. Our agreement to divest the Greater Angostura assets in Trinidad and Tobago for $206 million underscores our disciplined approach to portfolio management and optimisation. We applied the same discipline in declining to progress Namibian Petroleum Exploration Licence 87, exiting H2TAS and reassessing the H2OK project."
Comparative performance at a glance
Q1 Q4 Change Q1 Change YTD YTD Change
2025 2024 % 2024 % 2025 2024 %
--------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Revenue(4) $ million 3,315 3,484 (5%) 2,945 13% 3,315 2,945 13%
--------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Production(5) MMboe 49.1 51.4 (4%) 44.9 9% 49.1 44.9 9%
Gas MMscf/d 1,841 1,909 (4%) 1,929 (5%) 1,841 1,929 (5%)
Liquids Mbbl/d 223 224 --% 155 44% 223 155 44%
Total Mboe/d 546 559 (2%) 494 11% 546 494 11%
--------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Sales(6) MMboe 50.2 54.1 (7%) 45.6 10% 50.2 45.6 10%
Gas MMscf/d 1,962 2,129 (8%) 1,950 1% 1,962 1,950 1%
Liquids Mbbl/d 213 214 --% 159 34% 213 159 34%
Total Mboe/d 558 588 (5%) 501 11% 558 501 11%
--------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Average
realised
price $/boe 65 63 3% 63 3% 65 63 3%
--------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Capital
expenditure $ million 1,806 2,681 (33%) 1,158 56% 1,806 1,158 56%
Capex
excl.
Louisiana
LNG(7) $ million 905 1,396 (35%) 1,158 (22%) 905 1,158 (22%)
Louisiana
LNG(8) $ million 901 1,285 (30%) -- 100% 901 -- 100%
Operations
Pluto LNG
-- LNG reliability was 89.9% for the quarter due to the impact of three
unplanned train outages, which were rectified within days of each event.
Facility performance continues to be proactively monitored to minimise
the risk of future unplanned outages.
-- Completed maintenance activities during facility downtime to minimise
future planned outages.
-- Successfully processed additional volumes through the Pluto-KGP
Interconnector, using capacity at the North West Shelf.
North West Shelf $(NWS.AU)$ Project
-- Achieved strong quarterly LNG reliability of 96.5%.
-- Received approvals from the North West Shelf Joint Venture for long lead
items on the Greater Western Flank Phase 4 Project, a five-well subsea
tie-back to existing NWS offshore facilities. The project will support
the delivery of domestic gas into the WA market during a forecasted
shortfall in supply post-2028, with a final investment decision $(FID.AU)$
planned for the second half of 2025.
-- Successfully completed remote operations of offshore assets during a
significant cyclone event, which limited the impact on production.
-- Continued LNG Train 2 permanent retirement activities following cessation
of production in Q4 2024, with retirement work scopes being undertaken in
a phased manner.
Bass Strait
-- Woodside approved investment in the Kipper 1B Project and the Turrum
Phase 3 Project. Through the development of these projects, Woodside is
expected to add more than 100 petajoules (Woodside equity interest) to
the south-eastern Australian domestic gas market, supplying local
manufacturers, power generators, and homes.
-- The Kipper 1B Project is expected to expand capacity from the Kipper
field and deliver gas supplies ahead of winter 2026 through the drilling
of a subsea well and upgrades to the West Tuna platform.
-- The Turrum Phase 3 Project is expected to deliver much-needed gas to
south-eastern Australia by 2027 from a five-well infill development of
the Turrum and North Turrum fields and topsides modifications to the
Marlin B platform. Once the project comes online, it will produce four
times more gas than Queensland supplied to the southern states in 2024.
Sangomar
-- Achieved exceptional production of 99 thousand barrels per day (Mbbl/d)
(100% basis, 78 Mbbl/d Woodside share) at 97.6% reliability, with
production from the Sangomar field remaining at plateau for the quarter.
-- During the quarter, based on a positive response observed in S400 oil
producers from water injection, contingent resources were migrated to
developed reserves. The reserve addition was 7.1 million barrels to
proved (1P) reserves and 16.1 million barrels to proved plus probable
(2P) reserves, Woodside share.9 As a result, Woodside expects Sangomar's
depreciation, depletion and amortisation (DD&A) rate for 2025 to decrease
by 5 to 10% from its 2024 DD&A rate of approximately $56/boe.
-- Cargoes were delivered to China, Europe, US and Senegal's domestic
refinery.
United States of America
-- Achieved outstanding reliability of 99.8% at Shenzi.
-- Strong quarterly production at Shenzi was supported by a well returning
to production in late 2024 and ongoing optimisation efforts.
-- Completed planned well intervention campaigns at Atlantis and commenced
execution of an infill sidetrack producer.
-- Strong quarterly production from the Mad Dog field, Argos facility, with
uplift seen from riser gas lift.
Marketing
-- Subsequent to the quarter, Woodside signed LNG sale and purchase
agreements with Uniper for the supply of 1.0 million tonnes per annum
(Mtpa) from Louisiana LNG LLC for up to 13 years from the commercial
operations date $(COD.UK)$ of Louisiana LNG and up to 1.0 Mtpa from its global
portfolio commencing with Louisiana LNG's COD over a term until 2039.10
-- Signed a long-term sale and purchase agreement with China Resources Gas
International Limited for supply of approximately 0.6 million tonnes of
LNG per year over 15 years on a delivered basis, commencing in 2027.
-- Supplied 25.4% of produced LNG at prices linked to gas hub indices,
realising a 23% premium compared to oil-linked pricing. This represents
9.4% of Woodside's total equity production. Full-year guidance remains
unchanged at 28-35% of produced LNG.
-- Executed incremental Western Australian gas sales of 3.6 PJ for delivery
in 2025 and 2026. Woodside continues to engage with the Western
Australian domestic market on additional supply requirements for 2025,
2026 and 2027.
-- Delivered 526 TJ of trucked LNG, equivalent to 513 trailers, to customers
in northern Western Australia.
-- Progressed preparations to release an expression of interest before 30
April 2025 for Australia east coast natural gas supply to ensure
compliance with the terms of Woodside's Conditional Ministerial Exemption
under the Gas Market Code.
Projects
Beaumont New Ammonia
-- Progress continued with Train 1 construction 90% complete at the end of
the quarter and onsite workforce reaching peak numbers. Train 1 of the
project remains on track to achieve first production in the second half
of 2025, with pre-commissioning activities anticipated to begin in Q2
2025.11
-- Commenced electrical subsystem completion, with the site expected to
switch from temporary to permanent power in Q2 2025.
Scarborough Energy Project
-- The Scarborough and Pluto Train 2 Project was 82% complete at the end of
the quarter (excluding Pluto Train 1 modifications).
-- The floating production unit (FPU) hull exited its second dry dock, and
the topsides were loaded onto a transport barge in readiness for
integration activities.
-- Installation of the subsea production risers commenced. Pre-installation
of the FPU mooring chains was completed. Batch drilling of the
intermediate sections of the development wells concluded.
-- Activities at the Pluto Train 2 site are focused on piping and cable
installation and preparing for pre-commissioning activities.
-- Site works for Pluto Train 1 modifications continue and construction
activity at the module yard ramped up.
-- In February 2025, the Scarborough Offshore Facility and Trunkline
(Operations) Environment Plan was accepted by the regulator.
-- First LNG cargo is targeted for the second half of 2026.
Trion
-- The Trion Project was 26% complete at the end of the quarter.
-- Completed the first steel cut for the three FPU topside modules in Korea
and the floating storage and offloading facility (FSO) disconnectable
turret mooring system in China. Fabrication progressed on schedule,
including the manufacturing of subsea equipment.
-- Awarded the Operations and Maintenance contract for the FSO lease vessel.
-- An Environmental Permit application has been submitted to the regulator,
and progress is being made on the submission of the HSE management system
permit application.
Louisiana LNG
-- Continued project scope under a limited notice to proceed with Bechtel.
Site works include dry excavation, clearing, area drainage improvements,
mud mat installation, sheet piling and concrete work.
-- All high value orders and major purchase orders (equipment and bulk
materials) for train 1 and 2 have been released. Purchase orders for
train 3 have also been placed.
-- Subsequent to the quarter, Woodside entered into an agreement with
Stonepeak for the sale of a 40% equity interest in Louisiana LNG
Infrastructure LLC. Under this transaction, Stonepeak has agreed to
provide $5.7 billion towards the foundation development of Louisiana LNG
on an accelerated basis, contributing 75% of the project capital
expenditure in both 2025 and 2026.12
-- Woodside continues to work towards FID readiness on the three train
foundation development.
Hydrogen Refueller @H2Perth(13)
-- Commenced construction work on the project with ready for startup
targeted for Q4 2025.
Decommissioning
-- Safely and successfully completed the removal of all facilities from
Enfield, offshore Western Australia, with the recovery of final
infrastructure in February. With only survey activities remaining, this
concludes the multi-year decommissioning program at Enfield.
-- Subsequent to the quarter, Woodside concluded the ten-well Stybarrow plug
and abandonment campaign.
-- Subsequent to the quarter, a mobile offshore drilling unit arrived at the
Minerva field, offshore Victoria, and commenced preparations to plug and
abandon the first of three Minerva wells.
-- Commenced deconstruction of the Griffin Riser Turret Mooring at the
Australian Marine Complex in preparation for recycling and reuse.
-- Continued decommissioning activities at Bass Strait, completing the plug
and abandonment activities for 27 wells, including on the Bream B
platform. Plug and abandonment activities commenced on the Kingfish A and
Cobia platforms.
Exploration and development
Browse
-- Work continued on the Browse to North West Shelf Project to optimise the
development concept, advance key regulatory approvals and progress
commercial discussions to process Browse volumes through the Karratha Gas
Plant.
Calypso
-- Progressed pre-front-end engineering design (FEED) engineering studies
and subsurface studies to mature the technical and commercial definition
of the development concept.
Exploration
-- Woodside declined to exercise the option to acquire at least a 56%
interest in the Namibian Petroleum Exploration Licence 87.
New energy and carbon solutions
New energy
-- With the acquisition of Beaumont New Ammonia, plans for Woodside's H2OK
project are being reassessed. Subsequent to the quarter, exit from the
H2TAS project was formalised.
-- Commitment to existing climate targets remain firm with these decisions
following a review of global new energy opportunities to ensure there is
alignment between Woodside's corporate strategy, capital allocation
framework, business priorities and external market conditions.14
Carbon capture and storage $(CCS)$ opportunities
-- Angel CCS completed engineering studies as part of pre-FEED and commenced
engagement with potential customers for CCS services.
Corporate activities
Greater Angostura assets divestment
-- Woodside entered into an agreement in March 2025 with Perenco to divest
its Greater Angostura assets in Trinidad and Tobago for $206 million. The
divestment is inclusive of Woodside's interest in the shallow water
Angostura and Ruby offshore oil and gas fields, associated production
facilities and onshore terminal. The transaction provides near-term cash
flow to support ongoing investments and shareholder distributions and
builds on the Australian asset swap announced in December 2024, further
streamlining Woodside's portfolio.15 The transaction is expected to close
in Q3 2025, with an effective date of 1 January 2025. Completion of the
transaction is subject to conditions precedent.
Climate and sustainability
-- Woodside held a Sustainability Briefing on 3 April 2025, part of a
structured program of engagement with investors on the company's approach
to climate and other sustainability topics. The briefing was held
following the release of Woodside's Sustainability disclosures in
February 2025.
-- Woodside awarded a A$35 million contract to Cherratta Lodge, a
Traditional Owner operated business in Karratha, Western Australia, for
provision of accommodation to the workforce for Pluto Train 1
modifications. This is the first time Woodside has awarded a village
accommodation contract to a Traditional Owner business and is part of the
significant local economic benefits arising from the project.
Hedging
-- Of the 30 MMboe of 2025 oil production previously hedged at an average
price of approximately $78.7 per barrel, approximately 25% was delivered
by the end of the quarter.
-- Woodside also has a hedging program for Corpus Christi LNG volumes
designed to protect against downside pricing risk. These hedges are Henry
Hub (HH) and Title Transfer Facility (TTF) commodity swaps. Approximately
95% of 2025 and 87% of 2026 volumes have been hedged.
-- The realised value of all hedged positions for the quarter ended 31 March
2025 is a pre-tax profit of approximately $14 million, with a $32 million
profit related to oil price hedges offset by a $23 million loss related
to Corpus Christi hedges, and a $5 million profit related to other hedge
positions. Hedging profit will be included in "other income" in the
full-year financial statements.
Funding and liquidity
-- In the quarter, Woodside:
-- Entered into two $1,500 million short term liquidity facilities.
-- Repaid a $1,000 million bond that matured during the quarter.
-- Drew $800 million from available liquidity debt facilities.
-- Following the payment of the 2024 final dividend on 2 April 2025,
Woodside had liquidity of $7,300 million.
Embedded commodity derivative
-- In 2023, Woodside entered into a revised long-term gas sale and purchase
contract with Perdaman. The contract was assessed to contain an embedded
commodity derivative, where a component of the selling price is linked to
the price of urea. For the quarter ended 31 March 2025, an unrealised
gain of $17 million has been recognised through other income. The fair
value of the Perdaman embedded derivative has been estimated using a
Monte Carlo simulation model. The valuation approach is currently under
review for improvement opportunities.
Annual General Meeting
-- Woodside's hybrid meeting will be held on Thursday, 8 May 2025 at 10.00am
(AWST) online and at the Crown Ballroom at Crown Towers, Burswood,
Western Australia. Shareholders and their proxyholders are welcome to
participate online at meetings.lumiconnect.com/300-261-170-058 or in
person. Further details of Woodside's meeting arrangements (including
security measures) are available at woodside.com/investors.
Upcoming events 2025
May 8 Annual General Meeting
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July 23 Second quarter 2025 report
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August 19 Half-Year 2025 report
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October 22 Third quarter 2025 report
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2025 full-year guidance
Prior Current
--------------------------------- ----------------- ------------- ---------
Production MMboe 186 - 196 No change
--------------------------------- ----------------- ------------- ---------
Gas hub exposure(16) % of produced LNG 28 - 35 No change
--------------------------------- ----------------- ------------- ---------
Unit production cost $/boe 8.5 - 9.2 No change
--------------------------------- ----------------- ------------- ---------
Property, plant and equipment $ million 4,500 - 5,000 No change
depreciation and amortisation
--------------------------------- ----------------- ------------- ---------
Exploration expense $ million 200 No change
--------------------------------- ----------------- ------------- ---------
Payments for restoration $ million 700 - 1,000 No change
--------------------------------- ----------------- ------------- ---------
Capital expenditure(17) $ million 4,500 - 5,000 No change
--------------------------------- ----------------- ------------- ---------
Production summary
Q1 Q4 Q1 YTD YTD
2025 2024 2024 2025 2024
----------- -------- ----- ----- ----- ----- -----
Gas MMscf/d 1,841 1,909 1,929 1,841 1,929
Liquids Mbbl/d 223 224 155 223 155
----------- -------- ----- ----- ----- ----- -----
Total Mboe/d 546 559 494 546 494
----------- -------- ----- ----- ----- ----- -----
Q1 Q4 Q1 YTD YTD
2025 2024 2024 2025 2024
------------------------- ------- ------ ------ ------ ------ ------
AUSTRALIA
LNG
North West Shelf Mboe 6,395 7,117 8,192 6,395 8,192
Pluto(18) Mboe 10,430 11,232 11,754 10,430 11,754
Wheatstone Mboe 2,422 2,460 2,357 2,422 2,357
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 19,247 20,809 22,303 19,247 22,303
------------------------- ------- ------ ------ ------ ------ ------
Pipeline gas
Bass Strait Mboe 3,192 3,140 2,359 3,192 2,359
Other(19) Mboe 3,807 4,136 3,278 3,807 3,278
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 6,999 7,276 5,637 6,999 5,637
------------------------- ------- ------ ------ ------ ------ ------
Crude oil and condensate
North West Shelf Mbbl 1,106 1,250 1,412 1,106 1,412
Pluto(18) Mbbl 857 911 931 857 931
Wheatstone Mbbl 441 423 462 441 462
Bass Strait Mbbl 402 482 492 402 492
Macedon & Pyrenees Mbbl 369 617 109 369 109
Ngujima-Yin Mbbl 725 1,143 886 725 886
Okha Mbbl 312 616 466 312 466
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 4,212 5,442 4,758 4,212 4,758
------------------------- ------- ------ ------ ------ ------ ------
NGL
North West Shelf Mbbl 230 274 290 230 290
Pluto(18) Mbbl 52 58 54 52 54
Bass Strait Mbbl 668 740 832 668 832
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 950 1,072 1,176 950 1,176
------------------------- ------- ------ ------ ------ ------ ------
Total Australia (20) Mboe 31,408 34,599 33,874 31,408 33,874
------------------------- ------- ------ ------ ------ ------ ------
Mboe/d 349 376 372 349 372
--------------------------------- ------ ------ ------ ------ ------
Q1 Q4 Q1 YTD YTD
2025 2024 2024 2025 2024
------------------------- ------- ------ ------ ------ ------ ------
INTERNATIONAL
Pipeline gas
USA Mboe 378 305 360 378 360
Trinidad & Tobago Mboe 2,416 2,425 2,503 2,416 2,503
Other(21) Mboe 23 - - 23 -
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 2,817 2,730 2,863 2,817 2,863
------------------------- ------- ------ ------ ------ ------ ------
Crude oil and condensate
Atlantis Mbbl 2,472 2,238 2,441 2,472 2,441
Mad Dog Mbbl 2,577 2,607 2,765 2,577 2,765
Shenzi Mbbl 2,322 1,832 2,405 2,322 2,405
Trinidad & Tobago Mbbl 99 140 126 99 126
Sangomar Mbbl 7,010 6,901 - 7,010 -
Other(21) Mbbl - 81 81 - 81
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 14,480 13,799 7,818 14,480 7,818
------------------------- ------- ------ ------ ------ ------ ------
NGL
USA Mbbl 398 320 393 398 393
Other(21) Mbbl 12 - - 12 -
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 410 320 393 410 393
------------------------- ------- ------ ------ ------ ------ ------
Total International Mboe 17,707 16,849 11,074 17,707 11,074
------------------------- ------- ------ ------ ------ ------ ------
Mboe/d 197 183 122 197 122
--------------------------------- ------ ------ ------ ------ ------
Total Production Mboe 49,115 51,448 44,948 49,115 44,948
------------------------- ------- ------ ------ ------ ------ ------
Mboe/d 546 559 494 546 494
--------------------------------- ------ ------ ------ ------ ------
Product sales
Q1 Q4 Q1 YTD YTD
2025 2024 2024 2025 2024
----------- -------- ----- ----- ----- ----- -----
Gas MMscf/d 1,962 2,129 1,950 1,962 1,950
Liquids Mbbl/d 213 214 159 213 159
----------- -------- ----- ----- ----- ----- -----
Total Mboe/d 558 588 501 558 501
----------- -------- ----- ----- ----- ----- -----
Q1 Q4 Q1 YTD YTD
2025 2024 2024 2025 2024
------------------------- ------- ------ ------ ------ ------ ------
AUSTRALIA
LNG
North West Shelf Mboe 6,887 6,753 8,008 6,887 8,008
Pluto Mboe 9,676 10,490 10,513 9,676 10,513
Wheatstone(22) Mboe 2,217 2,503 2,308 2,217 2,308
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 18,780 19,746 20,829 18,780 20,829
------------------------- ------- ------ ------ ------ ------ ------
Pipeline gas
Bass Strait Mboe 3,299 3,320 2,570 3,299 2,570
Other(23) Mboe 3,584 4,058 2,894 3,584 2,894
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 6,883 7,378 5,464 6,883 5,464
------------------------- ------- ------ ------ ------ ------ ------
Crude oil and condensate
North West Shelf Mbbl 1,229 1,203 1,214 1,229 1,214
Pluto Mbbl 705 1,093 640 705 640
Wheatstone Mbbl 334 319 329 334 329
Bass Strait Mbbl 534 518 597 534 597
Ngujima-Yin Mbbl 663 1,006 999 663 999
Okha Mbbl - 653 618 - 618
Macedon & Pyrenees Mbbl 499 472 496 499 496
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 3,964 5,264 4,893 3,964 4,893
------------------------- ------- ------ ------ ------ ------ ------
NGL
North West Shelf Mbbl 477 252 255 477 255
Pluto Mbbl 110 53 55 110 55
Bass Strait Mbbl 226 303 785 226 785
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 813 608 1,095 813 1,095
------------------------- ------- ------ ------ ------ ------ ------
Total Australia Mboe 30,440 32,996 32,281 30,440 32,281
------------------------- ------- ------ ------ ------ ------ ------
Mboe/d 338 359 355 338 355
--------------------------------- ------ ------ ------ ------ ------
Q1 Q4 Q1 YTD YTD
2025 2024 2024 2025 2024
------------------------- ------- ------ ------ ------ ------ ------
INTERNATIONAL
Pipeline gas
USA Mboe 294 231 286 294 286
Trinidad & Tobago Mboe 2,274 2,802 2,457 2,274 2,457
Other(24) Mboe 4 6 6 4 6
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 2,572 3,039 2,749 2,572 2,749
------------------------- ------- ------ ------ ------ ------ ------
Crude oil and condensate
Atlantis Mbbl 2,494 2,108 2,426 2,494 2,426
Mad Dog Mbbl 2,620 2,629 2,626 2,620 2,626
Shenzi Mbbl 2,202 1,730 2,352 2,202 2,352
Trinidad & Tobago Mbbl 43 53 52 43 52
Sangomar Mbbl 6,521 6,793 - 6,521 -
Other(24) Mbbl 57 42 60 57 60
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 13,937 13,355 7,516 13,937 7,516
------------------------- ------- ------ ------ ------ ------ ------
NGL
USA Mbbl 371 303 413 371 413
Other(24) Mbbl 2 4 3 2 3
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 373 307 416 373 416
------------------------- ------- ------ ------ ------ ------ ------
Total International Mboe 16,882 16,701 10,681 16,882 10,681
------------------------- ------- ------ ------ ------ ------ ------
Mboe/d 188 182 117 188 117
--------------------------------- ------ ------ ------ ------ ------
MARKETING(25)
LNG Mboe 2,750 4,196 2,086 2,750 2,086
Liquids Mboe 104 160 571 104 571
------------------------- ------- ------ ------ ------ ------ ------
Total Mboe 2,854 4,356 2,657 2,854 2,657
------------------------- ------- ------ ------ ------ ------ ------
Total Marketing Mboe 2,854 4,356 2,657 2,854 2,657
------------------------- ------- ------ ------ ------ ------ ------
Total sales Mboe 50,176 54,053 45,619 50,176 45,619
------------------------- ------- ------ ------ ------ ------ ------
Mboe/d 558 588 501 558 501
--------------------------------- ------ ------ ------ ------ ------
Revenue (US$ million)
Q1 Q4 Q1 YTD YTD
2025 2024 2024 2025 2024
--------------------------- ----- ----- ----- ----- -----
AUSTRALIA
North West Shelf 535 497 592 535 592
Pluto 712 853 745 712 745
Wheatstone(26) 199 213 199 199 199
Bass Strait 228 217 223 228 223
Macedon 52 49 51 52 51
Ngujima-Yin 57 84 92 57 92
Okha - 50 50 - 50
Pyrenees 44 40 44 44 44
--------------------------- ----- ----- ----- ----- -----
Total Australia 1,827 2,003 1,996 1,827 1,996
--------------------------- ----- ----- ----- ----- -----
INTERNATIONAL
Atlantis 191 156 196 191 196
Mad Dog 190 183 204 190 204
Shenzi 167 124 190 167 190
Trinidad & Tobago(27) 66 66 61 66 61
Sangomar 481 484 - 481 -
Other(28) 3 2 5 3 5
--------------------------- ----- ----- ----- ----- -----
Total International 1,098 1,015 656 1,098 656
--------------------------- ----- ----- ----- ----- -----
Marketing revenue(29) 312 410 227 312 227
Total sales revenue(30) 3,237 3,428 2,879 3,237 2,879
Processing revenue 74 53 61 74 61
Shipping and other revenue 4 3 5 4 5
Total revenue 3,315 3,484 2,945 3,315 2,945
--------------------------- ----- ----- ----- ----- -----
Realised prices
Q1 Q4 Q1 Q1 Q4 Q1
Units 2025 2024 2024 Units 2025 2024 2024
------------------- -------- ----- ----- ----- ----- ----- ----- -----
LNG produced $/MMBtu 10.6 10.8 10.4 $/boe 67 69 67
LNG traded(31) $/MMBtu 13.7 12.6 9.1 $/boe 86 80 59
Pipeline gas $/boe 36 33 34
Oil and condensate $/bbl 74 71 79 $/boe 74 71 79
NGL $/bbl 47 45 47 $/boe 47 45 47
Liquids traded(31) $/bbl 70 67 60 $/boe 70 67 60
Average realised price for
pipeline gas:
Western
Australia A$/GJ 6.9 6.6 6.4
East Coast
Australia A$/GJ 14.0 12.7 13.7
International $/Mcf 5.0 4.2 4.6
Average realised
price $/boe 65 63 63
Dated Brent $/bbl 76 75 83
JCC (lagged three
months) $/bbl 78 86 92
WTI $/bbl 71 70 77
JKM $/MMBtu 14.7 13.5 11.9
TTF $/MMBtu 14.6 12.8 9.8
Average realised price increased 3% from the prior quarter reflecting higher Dated Brent and WTI.
Capital expenditure (US$ million)
Q1 Q4 Q1 YTD YTD
2025 2024 2024 2025 2024
------------------------------------- ----- ----- ----- ----- -----
Evaluation capitalised(32) 12 17 17 12 17
Property plant & equipment 889 1,315 1,090 889 1,090
Other (33) 4 64 51 4 51
------------------------------------- ----- ----- ----- ----- -----
Sub Total (excluding Louisiana LNG) 905 1,396 1,158 905 1,158
------------------------------------- ----- ----- ----- ----- -----
Louisiana LNG(34) 901 1,285 - 901 -
------------------------------------- ----- ----- ----- ----- -----
Total 1,806 2,681 1,158 1,806 1,158
------------------------------------- ----- ----- ----- ----- -----
Q1 Q4 Q1 YTD YTD
2025 2024 2024 2025 2024
------------------------------------- ----- ----- ----- ----- -----
Scarborough 322 664 574 322 574
Trion 315 299 97 315 97
Sangomar 7 112 210 7 210
Other 261 321 277 261 277
------------------------------------- ----- ----- ----- ----- -----
Sub Total (excluding Louisiana LNG) 905 1,396 1,158 905 1,158
------------------------------------- ----- ----- ----- ----- -----
Louisiana LNG(34) 901 1,285 - 901 -
------------------------------------- ----- ----- ----- ----- -----
Total 1,806 2,681 1,158 1,806 1,158
------------------------------------- ----- ----- ----- ----- -----
Other expenditure (US$ million)
Q1 Q4 Q1 YTD YTD
2025 2024 2024 2025 2024
----------------------------------------- ----- ----- ----- ----- -----
Exploration capitalised(32,35) 5 - 21 5 21
Exploration and evaluation expensed(36) 35 140 54 35 54
Permit amortisation 3 2 3 3 3
----------------------------------------- ----- ----- ----- ----- -----
Total 43 142 78 43 78
----------------------------------------- ----- ----- ----- ----- -----
Trading costs 232 290 145 232 145
----------------------------------------- ----- ----- ----- ----- -----
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 31 March 2025 are noted below.
Permits or Change in Current
Region licence areas interest (%) interest (%) Remarks
---------- ---------------- ---------------- ------------- ---------------
Licence
Australia WA-536-P (65%) --% expiry(37)
Licence expiry
- subsequent to
Egypt Red Sea Block 1 (45%) --% the period
GB 895, GB 852,
GB 851, GB 806,
GB 805, GB 762,
GB 677, GB 676,
GB 630, GB 760,
GB 716, GB 672,
USA GB 721 40% 100% Assignment
Production rates
Average daily production rates (100% project) for the quarter ended 31 March 2025:
Woodside Production rate
share(38) (100% project, Mboe/d) Remarks
Mar Dec
2025 2024
------------------- ---------- ------------ ----------- ------------------
AUSTRALIA
NWS Project
Production was
lower due to
LNG 30.29% 235 258 weather events.
Crude oil and
condensate 30.41% 40 45
NGL 30.35% 8 10
Pluto LNG
Production was
lower due to
unplanned
LNG 90.00% 104 109 outages.
Crude oil and
condensate 90.00% 9 10
Pluto-KGP
Interconnector
LNG 100.00% 23 24
Crude oil and
condensate 100.00% 1 1
NGL 100.00% 1 1
Wheatstone(39)
Production was
higher due to
increased
LNG 12.03% 224 220 reliability.
Crude oil and
condensate 15.85% 31 32
Bass Strait
Production was
lower due to
planned
Pipeline gas 46.62% 76 85 maintenance.
Crude oil and
condensate 44.91% 10 12
NGL 46.21% 16 18
Australia Oil
Production was
lower due to
Ngujima-Yin 60.00% 13 21 weather events.
Okha 50.00% 7 13
Pyrenees 64.85% 6 10
Other
Pipeline gas(40) 42 45
Woodside Production rate
share(41) (100% project, Mboe/d) Remarks
Mar Dec
2025 2024
---------------- ---------------- ------------ ----------- ---------------
INTERNATIONAL
Atlantis
Production was
higher due to
increased
reliability and
a successful
Crude oil and intervention
condensate 38.50% 71 63 campaign.
NGL 38.50% 4 4
Pipeline gas 38.50% 8 5
Mad Dog
Crude oil and
condensate 20.86% 137 136
NGL 20.86% 6 4
Pipeline gas 20.86% 3 3
Shenzi
Production was
higher due to
Crude oil and increased
condensate 64.69% 40 31 reliability.
NGL 64.79% 2 2
Pipeline gas 64.66% 1 1
Trinidad &
Tobago
Production was
lower due to
Crude oil and reservoir
condensate 79.13%(42) 1 3 decline.
Pipeline gas 50.35%(42) 53 57
Sangomar
Crude oil 78.45%(42) 99 95 Production was
higher due to
increased
reliability.
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, 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 guidance, forecasts, 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 if 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 31 March 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).
Notes to petroleum reserves and resources
1. The petroleum resource estimates are quoted as at the effective date of
31 March 2025, net Woodside share. For details of Woodside's year end
2024 reserves position, see the Reserves and Resources Statement included
in the 2024 Annual Report.
2. All numbers are internal estimates produced by Woodside. Estimates of
reserves and contingent resources should be regarded only as estimates
that may change over time as additional information becomes available.
3. The reference point is de ned as the outlet of the floating production
storage and offloading facility (FPSO).
4. 'Reserves' are estimated quantities of petroleum that have been
demonstrated to be producible from known accumulations in which the
company has a material interest from a given date forward, at commercial
rates, under presently anticipated production methods, operating
conditions, prices, and costs. Woodside reports reserves inclusive of all
fuel consumed in operations. Woodside estimates and reports its proved
reserves in accordance with SEC regulations which are also compliant with
the 2018 Society of Petroleum Engineers $(SPE)$/World Petroleum Council
$(WPC)$/American Association of Petroleum Geologists $(AAPG)$/Society of
Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management
System (PRMS) (SPE-PRMS) guidelines. SEC-compliant proved reserves
estimates use a more restrictive, rules-based approach and are generally
lower than estimates prepared solely in accordance with SPE-PRMS
guidelines due to, among other things, the requirement to use commodity
prices based on the average of first of month prices during the 12-month
period in the reporting company's fiscal year. Woodside estimates and
reports its proved plus probable reserves in accordance with SPE-PRMS
guidelines which are not compliant with SEC regulations.
5. Assessment of the economic value in support of an SPE-PRMS (2018)
reserves and resources classification, uses Woodside Portfolio Economic
Assumptions (Woodside PEAs). The Woodside PEAs are reviewed on an annual
basis, or more often if required. The review is based on historical data
and forecast estimates for economic variables such as product prices and
exchange rates. The Woodside PEAs are approved by the Woodside Board.
Specific contractual arrangements for individual projects are also taken
into account.
6. Woodside uses both deterministic and probabilistic methods for the
estimation of reserves and contingent resources at the field and project
levels. All proved reserves estimates have been estimated using
deterministic methods and reported on a net interest basis in accordance
with the SEC regulations and have been determined in accordance with SEC
Rule 4-10(a) of Regulation S-X.
7. 'MMboe' means millions (106) of barrels of oil equivalent. Natural gas
volumes are converted to oil equivalent volumes via a constant conversion
factor, which for Woodside is 5.7 Bcf of dry gas per 1 MMboe. All volumes
are reported at standard oilfield conditions of 14.696 psi (101.325 kPa)
and 60 degrees Fahrenheit (15.56 degrees Celsius).
8. 'Proved reserves' are those quantities of crude oil, condensate, natural
gas and NGLs that, by analysis of geoscience and engineering data, can be
estimated with reasonable certainty to be economically producible from a
given date forward from known reservoirs and under existing economic
conditions, operating methods, operating contracts, and government
regulations. Proved reserves are estimated and reported on a net interest
basis in accordance with the SEC regulations and have been determined in
accordance with SEC Rule 4-10(a) of Regulation S-X.
9. 'Undeveloped reserves' are those reserves for which wells and facilities
have not been installed or executed but are expected to be recovered
through future significant investments.
10. 'Probable reserves' are those reserves which analysis of geological and
engineering data suggests are more likely than not to be recoverable.
Proved plus probable reserves represent the best estimate of recoverable
quantities. Where probabilistic methods are used, there is at least a 50%
probability that the actual quantities recovered will equal or exceed the
sum of estimated proved plus probable reserves. Proved plus probable
reserves are estimated and reported in accordance with SPE-PRMS
guidelines and are not compliant with SEC regulations.
11. The estimates of petroleum reserves and contingent resources are based on
and fairly represent information and supporting documentation prepared by,
or under the supervision of, Mr Benjamin Ziker, Woodside's Vice President
Reserves and Subsurface, who is a full-time employee of the company and a
member of the Society of Petroleum Engineers. The reserves and resources
estimates included in this announcement are issued with the prior written
consent of Mr Ziker. Mr Ziker's quali cations include a Bachelor of
Science (Chemical Engineering) from Rice University (Houston, Texas, USA)
and 26 years of relevant experience.
Additional information for US investors concerning resource estimates
Woodside is an Australian company listed on the Australian Securities Exchange and the New York Stock Exchange. As noted above, Woodside estimates and reports its proved reserves in accordance with SEC regulations, which are also compliant with SPE-PRMS guidelines, and estimates and reports its proved plus probable reserves and 2C contingent resources in accordance with SPE-PRMS guidelines. Woodside reports all petroleum resource estimates using definitions consistent with SPE-PRMS.
The SEC prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other than 'reserves' (as that term is defined by the SEC). In this announcement, Woodside includes estimates of quantities of oil and gas using certain terms, such as 'proved plus probable (2P) reserves', 'best estimate (2C) contingent resources', 'reserves and contingent resources', 'proved plus probable', 'developed and undeveloped', 'probable developed', 'probable undeveloped', 'contingent resources' or other descriptions of volumes of reserves, which terms include quantities of oil and gas that may not meet the SEC's definitions of proved, probable and possible reserves, and which the SEC's guidelines strictly prohibit Woodside from including in filings with the SEC. These types of estimates do not represent, and are not intended to represent, any category of reserves based on SEC definitions, and may differ from and may not be comparable to the same or similarly-named measures used by other companies. These estimates are by their nature more speculative than estimates of proved reserves and would require substantial capital spending over a significant number of years to implement recovery, and accordingly are subject to substantially greater risk of not being recovered by Woodside. In addition, actual locations drilled and quantities that may be ultimately recovered from Woodside's properties may differ substantially. Woodside has made no commitment to drill, and likely will not drill, all drilling locations that have been attributable to these quantities. US investors are urged to consider closely the disclosures in Woodside's most recent Annual Report on Form 20-F filed with the SEC and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings and its other filings with the SEC, which are available at www.sec.gov.
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 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 ------- ------------------------------------------ PJ petajoules ------- ------------------------------------------ scf standard cubic feet of gas ------- ------------------------------------------ TJ terajoule ------- ------------------------------------------
(1) Completion of the transaction is subject to conditions precedent. See "Woodside to divest Greater Angostura assets to Perenco" announced 28 March 2025 for details.
(2) Completion of the transaction is subject to conditions precedent. See "Woodside announces Louisiana LNG partnership with Stonepeak" announced 7 April 2025 for details.
(3) The sale and purchase agreements are subject to Woodside's final investment decision on the three train 16.5 Mtpa foundation development of Louisiana LNG. See "Woodside signs LNG supply agreement with Uniper" announced on 17 April 2025 for details.
(4) Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of $14 million in Q4 2024 and -$24 million in Q1 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.
(5) Q1 2025 includes 0.29 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.
(6) Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.22 MMboe in Q4 2024 and -0.28 MMboe in Q1 2024. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.
(7) 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.
(8) Q4 2024 includes $1,066 million for purchase consideration of Louisiana LNG. Capital expenditure includes 100% working interest equity.
(9) Refer to Notes to petroleum reserves and resources on page 21 for details of disclaimers.
(10) Completion of the transaction is subject to conditions precedent including final investment decision for the Louisiana LNG development. See "Woodside announces Louisiana LNG partnership with Stonepeak" announced 7 April 2025 for details.
(11) Phase 1 handover from OCI to Woodside remains subject to cost, schedule, and performance guarantees from OCI. With limited exceptions, such as changes requested by Woodside, OCI will expend the resources necessary to complete the project ensuring that it meets the agreed performance standards prior to hand over. OCI will also be responsible for limited financial payments to Woodside if the project is delayed beyond September 2025.
(12) Completion of the transaction is subject to conditions precedent. See "Woodside announces Louisiana LNG partnership with Stonepeak" announced 7 April 2025 for details.
(13) The project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government's Renewable Hydrogen Strategy.
(14) Refer to the Climate section within the Annual Report 2024 for further details on Woodside's climate targets.
(15) See "Woodside simplifies portfolio and unlocks long-term value" announced 19 December 2024 for details concerning the Australian asset swap. Completion of the transaction is expected to occur in 2026.
(16) Gas hub indices include Japan Korea Marker (JKM), TTF and National Balancing Point (NBP). It excludes HH.
(17) Capital expenditure includes the following participating interests; Sangomar (82%); Scarborough (74.9%), Pluto Train 2 (51%), Trion (60%) and working interest equity prior to the completion of the asset swap with Chevron for NWS Project, NWS Oil Project, Wheatstone, Julimar-Brunello and Angel CCS assets. It includes the remaining Beaumont New Ammonia acquisition 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. It excludes Louisiana LNG expenditure.
(18) Q1 2025 includes 2.04 MMboe of LNG, 0.10 MMboe of condensate and 0.05 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.
(19) Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
(20) Q1 2025 includes 0.29 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.
(21) Overriding royalty interests held in the USA for several producing wells.
(22) Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.22 MMboe in Q4 2024 and -0.28 MMboe in Q1 2024. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.
(23) Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
(24) Overriding royalty interests held in the USA for several producing wells.
(25) Purchased volumes sourced from third parties.
(26) Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of $14 million in Q4 2024 and -$24 million in Q1 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.
(27) Includes the impact of periodic adjustments related to the production sharing contract $(PSC.AU)$.
(28) Overriding royalty interests held in the USA for several producing wells.
(29) 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.
(30) Referred to as 'Revenue from sale of hydrocarbons' in Woodside financial statements. Total sales revenue excludes all hedging impacts.
(31) Excludes any additional benefit attributed to produced volumes through third-party trading activities.
(32) 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.
(33) Other primarily incorporates corporate spend including SAP build costs, other investments and other capital expenditure.
(34) Q4 2024 includes $1,066 million for purchase consideration of Louisiana LNG. The purchase consideration is the total amount paid for acquiring the companies encompassing all assets and liabilities as part of the transaction. Capital expenditure includes 100% working interest equity.
(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) National Electronic Approval Tracking System (NEATS) will be updated when expiry has been published in the Australian Government Gazette.
(38) Woodside share reflects the net realised interest for the period.
(39) The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has 65% participating interest and is the operator.
(40) Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
(41) Woodside share reflects the net realised interest for the period.
(42) 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/20250422757587/en/
CONTACT: INVESTORS
Sarah Peyman
M: +61 457 513 249
E: investor@woodside.com
MEDIA
Christine Forster
M: +61 484 112 469
E: christine.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
(END) Dow Jones Newswires
April 22, 2025 23:01 ET (03:01 GMT)
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