Woodside Energy Group released its financial results for Q1 2025, reporting a total production of 49.1 million barrels of oil equivalent (MMboe), a 4% decrease compared to the previous quarter, primarily due to adverse weather conditions and unplanned outages at the Pluto site. However, production increased by 9% compared to Q1 2024, supported by the addition of Sangomar production, which reached 78,000 barrels per day (bpd) with nearly 98% reliability.
Revenue and financial performance
The company’s revenue decreased by 5% compared to Q4 2024, standing at 3,315 million USD, which still represents a 13% increase compared to Q1 2024. This decline is mainly attributed to lower production and lower oil-linked prices. However, the increase in gas production and higher gas hub-linked prices offset part of this decline.
Progress on key projects
Alongside its financial results, Woodside continued to advance its major projects. The Beaumont New Ammonia project was 90% complete, with the first phase scheduled for commissioning in the second half of 2025. The Scarborough project, focused on liquefied natural gas (LNG) production, is also on track for the first LNG cargo in the second half of 2026. Additionally, the Trion project is progressing towards first oil production in 2028.
Sales and strategic partnerships
In the LNG sector, Woodside also signed several long-term sales agreements, including one with Uniper to supply up to 2 million tonnes of LNG per year from the Louisiana LNG project. This sale strengthens Woodside’s position as a major player in the global LNG market.
Portfolio optimization
Woodside continued streamlining its portfolio with the sale of its Greater Angostura assets to Perenco for 206 million USD, a strategic move to enhance short-term cash flow and focus on high-value projects. The company also announced the sale of 40% of its interest in Louisiana LNG Infrastructure LLC to Stonepeak, a major investor, accelerating financing for the project.
