Woodside Releases Fourth Quarter Report for Period Ended 31 December 2024

January 22, 2025

by [email protected]

Sangomar underpins record annual production

Operations

Outstanding production from Sangomar with 75 Mboe/day produced in the quarter, driving record full-year production of 194 MMboe (530 Mboe/day), at the top end of the 2024 full-year production guidance range.
Quarterly production of 51.4 MMboe. (559 Mboe/day), down 3% from Q3 2024 due to lower seasonal demand at Bass Strait and an unplanned shutdown at Pluto, partly offset by increased production at Sangomar.
Quarterly revenue of $3,470 million, down 6% from Q3 2024 primarily due to lower seasonal demand at Bass Strait, partly offset by higher third-party LNG trades.
Sold 33.6% of produced LNG at prices linked to gas hub indices in the quarter (12.8% of total equity production), realising a 31% premium compared to oil-linked pricing.

Projects

The Scarborough Energy project was 78% complete at the end of the quarter, with the final Pluto Train 2 modules arriving at the Pluto LNG site in December. The project remains on target for first LNG cargo in 2026.
The Trion project was 20% complete at the end of the quarter, with construction of the floating production unit commencing in November. First oil is targeted for 2028.
Continued construction of the Beaumont New Ammonia project with Phase 1 of the project on track for start up in the second half of 2025.

Portfolio Developments

Simplified Woodside’s Australian portfolio and consolidated focus on operated LNG assets, by entering into an asset swap with Chevron.¹
Signed an engineering, procurement and construction (EPC) contract with Bechtel for the Louisiana LNG foundation development. FID is targeted from Q1 2025.
Completed the sale of a 15.1% non-operating participating interest in the Scarborough Joint Venture to JERA for approximately US$1.4 billion.

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

Woodside CEO Meg O’Neill said Woodside is delivering on its growth strategy while taking steps to sharpen its focus on high-value core assets.

“Our high-quality assets continued to deliver outstanding performance in the quarter, underpinned by Sangomar producing 75 thousand barrels of oil equivalent per day at 95% reliability, driving record annual production of 194 million barrels of oil equivalent. We also saw a strong contribution from Mad Dog in the Gulf of Mexico, with a full year of Argos production at peak rates.

“At the same time, we made important progress with our growth projects, including the arrival of the final Pluto Train 2 modules for our Scarborough Energy Project, which remains on track for first LNG in 2026. We were also pleased to welcome JERA, another strategic partner, into the Scarborough Joint Venture.

“The Trion Project has also transitioned into the construction phase, with the first steel cut for the floating production unit, and we remain on track for 2028 first oil.

“We continued to move at pace on our recently acquired Louisiana LNG development, signing an engineering, procurement and construction contract with Bechtel to support final investment decision readiness from the first quarter of 2025. We also progressed the sell-down process, which has attracted strong interest from high-quality potential partners. It is encouraging to see the growing level of support for LNG opportunities in the US from capital markets, including the recognition of the potential additional value unlocked by strong marketing capabilities. Woodside’s business model is uniquely placed to deliver compelling long-term value in the US LNG market.

“Equally exciting was the progress at our re-named Beaumont New Ammonia project, with construction of Train 1 underway as we work towards Phase 1 project completion and operations readiness in the second half of 2025.

“With such a strong growth journey ahead of us, we recognise the need to remain focused. In the quarter, we announced an asset swap with Chevron, which streamlines our Australia portfolio by trading our equity in Wheatstone to increase our position in North West Shelf to 50% and support short-term cash generation.

“This agreement positions Woodside to continue providing energy for local and global customers from the North West Shelf, further supported by the Western Australian Government’s environmental approval for the North West Shelf Project Extension received during the quarter.

“We will continue to pursue targeted and strategic opportunities to simplify our business and sharpen our focus to deliver long-term shareholder value.

“Our commitment to the domestic market was further demonstrated by the execution of gas sales of 77 petajoules in eastern Australia. This highlights the ongoing role of gas in supporting Australian households, businesses and manufacturers. We continued work on optimising facilities and maximising gas production from Bass Strait, while marking the end of 55 years of oil production.

“Conducting our business sustainably underpins our strategy to thrive through the energy transition. Preliminary data shows a 14% reduction in our net equity Scope 1 and 2 emissions in 2024, from our stated starting base. Whilst we are on track to meet our scope 1 and 2 net reduction targets, with the strong start-up of Sangomar, our absolute emissions did increase in 2024. We remain committed to take actions to decarbonise our assets and this has become part of how we run our business every day.

“Over the quarter, we continued to make major contributions to the communities where we operate, awarding our largest-ever Traditional Owner construction contract to locally based company Winyama, which will support the delivery of Scarborough.

“As we officially recognised our 70-year anniversary in 2024, we reflected on our proud history and the contributions of the determined people who built this company. Today, Woodside’s determination to provide energy the world needs and deliver value for our shareholders is stronger than ever. We are building on strong foundations to position Woodside for long-term success,” she said.

Comparative performance at a glance

		Q4 2024	Q3 2024	Change %	Q4 2023	Change %	YTD 2024	YTD 2023	Change %
Revenue	$ million	3,470	3,679	(6%)	3,355	3%	13,151	14,028	(6%)
Production²	MMboe	51.4	53.1	(3%)	48.1	7%	193.9	187.2	4%
Gas	MMscf/d	1,909	2,001	(5%)	2,010	(5%)	1,931	2,002	(4%)
Liquids	Mbbl/d	224	226	(1%)	170	32%	191	162	18%
Total	Mboe/d	559	577	(3%)	522	7%	530	513	3%
Sales	MMboe	53.8	55.8	(4%)	49.5	9%	203.5	201.5	1%
Gas	MMscf/d	2,115	2,154	(2%)	2,118	—	2,085	2,248	(7%)
Liquids	Mbbl/d	214	228	(6%)	166	29%	190	158	20%
Total	Mboe/d	585	606	(3%)	538	9%	556	552	1%
Average realised price	$/boe	63	65	(3%)	67	(6%)	64	69	(7%)
Capital expenditure³	$ million	2,681	3,033	(12%)	1,566	71%	8,126	5,701	43%
Capex excl. acquisitions	$ million	1,396	1,133	23%	1,566	(11%)	4,941	5,701	(13%)
Acquisitions⁴	$ million	1,285	1,900	(32%)	–	100%	3,185	–	100%

2024 full-year guidance comparison

		Q3 Guidance	Full-year result
Production	MMboe	189 – 195	193.9
Production	MMboe	(516 – 533 Mboe/day)	(530 Mboe/day)
Capital expenditure (excl acquisitions and other equity changes)	$ billion	4.8 – 5.2	4.9
Gas hub exposure⁵	% of produced LNG	33 – 37	34.4

Operations

Pluto LNG

LNG reliability was 92.2% for the quarter following an unplanned five day shutdown of the Pluto facilities in November. Full-year LNG reliability at Pluto was 96.1%.
Achieved highest quarterly production (3.1 MMboe) through the Pluto-KGP Interconnector for the year.

North West Shelf (NWS) Project

Achieved strong quarterly LNG reliability of 97.2%. Full-year LNG reliability at NWS was 98.3%.
Received environmental approvals from the Western Australian Government for the North West Shelf Project Extension. The extension is an important step in enabling the long-term processing of North West Shelf Joint Venture (NWS JV) field resources and third-party resources through the Karratha Gas Plant. The Federal Government approvals process is ongoing. As part of the approval, the NWS JV committed to a range of environmental management measures, including a significant reduction in air emissions, along with greenhouse gas emissions management measures.
LNG Train 2 was taken offline as preparations for permanent retirement are underway. The train retirement is expected to reduce emissions by approximately 0.3 million tonnes per annum CO₂ equivalent (Woodside share, at 33% working interest).

Bass Strait

Completed the Gippsland Asset Streamlining project with final crude oil from the Cobia platform processed prior to closure of the Crude Stabilisation Plant at Longford.
Production increased from the Kipper field following successful startup of gas compression facilities.

Sangomar

Achieved outstanding production of 95 Mboe/day (100%, 75 Mboe/day Woodside share) from the Sangomar field, with a total of 17 cargoes exported from start up to the end of December 2024.
Successfully completed FPSO commissioning and start-up activities including the gas and water injection systems while also achieving 94% reliability for the quarter.
Continued to expand the market for Sangomar crude with the grade being supplied into the US for the first time in Q4.

Gulf of Mexico

Completed a planned shutdown at Shenzi to proactively address integrity and reliability scopes.
Restored a key Shenzi well to production in November 2024 following an unplanned outage.
Completed a planned offshore facility shutdown and commenced an infill development well at Mad Dog A-Spar.
Maintained peak production of ~130 kbbl/d and commenced an infill injector well with plans to complete the well in Q1 2025 at Mad Dog Argos.

Sold 33.6% of produced LNG at prices linked to gas hub indices in the quarter (34.4% full-year 2024), realising a 31% premium compared to oil linked pricing. This represents 12.8% of Woodside’s total equity production in the quarter (15.0% full-year 2024).
Achieved record quantity of trucked LNG deliveries of approximately 556 TJ, equivalent to 540 trailers, to customers in northern Western Australia.
Executed incremental Western Australian gas sales of 7.3 PJ (full-year of 73.5 PJ) for delivery across 2025 and 2026. Woodside continues to engage with the Western Australian domestic market on additional supply requirements for 2025, 2026 and 2027.
Completed eastern Australian Expression of Interest process with executed sales totalling 77.4 PJ across 2025 and 2026.

Scarborough Energy Project

The Scarborough and Pluto Train 2 project was 78% complete at the end of the quarter (excluding Pluto Train 1 modifications).
Fabrication of the floating production unit (FPU) hull and topsides is proceeding ahead of FPU integration activities planned in 2025.
Completed installation and pre-commissioning activities of the 433km trunkline.
The final of the 51 Pluto Train 2 modules were delivered and installed in place at the Pluto LNG site.
Announced Woodside’s largest-ever Traditional Owner construction contract to Winyama Contracting Group for the delivery of civil works for the Pluto Train 1 Modifications project. Mobilisation for the civil works has commenced and module construction is ramping up.
Completed the sale of a 15.1% non-operating participating interest in the Scarborough Joint Venture to JERA for approximately $1.4 billion.⁶
First LNG cargo is targeted for 2026.

Trion

Trion was 20% complete at the end of the quarter.
Awarded contracts for drilling and completion services, gas gathering line installation and the build and lease of the floating storage and offloading vessel (FSO).
Construction of the semi-submersible floating production unit (FPU) and the fabrication of the subsea flexible piping commenced. Subsea equipment manufacturing progressed.

Louisiana LNG

Completed the acquisition of Tellurian Inc. (Tellurian) and its US Gulf Coast Driftwood LNG development which was renamed Louisiana LNG.
Signed a lump sum turnkey engineering, procurement and construction (EPC) contract with Bechtel for the three train, 16.5 million tonnes per annum foundation development.
Continued site works under a limited notice to proceed with Bechtel. Site works are focused on piling, dry excavation and marine offloading facilities.
Progressed sell-down opportunities for Louisiana LNG. Strong interest has been received from potential project partners.
Targeting final investment decision (FID) readiness from Q1 2025.

Beaumont New Ammonia

In October 2024, the tragic death of an employee of one of OCI’s construction contractors occurred at the project site. Woodside continues to work with local authorities, OCI and the contractor company to understand root causes.
Construction of Train 1 continues with OCI managing the project under the Construction Management Agreement. The project handover is subject to cost, schedule, and performance guarantees from OCI.⁷
Woodside continues to work closely with OCI in preparation for operations readiness. Phase 1 of the project is on track to be completed in the second half of 2025.
The Beaumont Clean Ammonia project has been renamed to Beaumont New Ammonia to reflect change of ownership and the production of a new, lower-carbon ammonia product following ExxonMobil’s carbon, capture and storage (CCS) facility becoming operational.

Decommissioning

Safely recovered and transported the Griffin Riser Turret Mooring (RTM) to the Australian Marine Complex at Henderson, Western Australia where the RTM will be disassembled and components recycled or reused.
Continued ongoing decommissioning campaigns including the plugging and abandoning of three wells at Stybarrow, and removal of multiple moorings, structures, and wellheads across a number of fields offshore Western Australia. In 2024, Woodside successfully plugged and abandoned seven of ten Stybarrow wells, recovered more than 90 subsea structures including wellheads, Xmas trees and manifolds, and recovered 149 km of pipe.
Continued decommissioning activities at Bass Strait, completing the plug and abandonment of wells on the Perch and Dolphin facilities.

Exploration and development

Browse

Continued activities in support of the Browse to North West Shelf Project, including ongoing regulatory engagement in support of key approvals, progressing commercial discussions and work to optimise the upstream development concept.
Referred the Browse carbon capture and storage (CCS) system to the Commonwealth regulator in October 2024 for assessment, in accordance with the Environment Protection and Biodiversity Conservation Act 1999. This seeks environmental approval of the Browse CCS system as a separate but related proposal to the Browse to North West Shelf Project.

Calypso

Progressed pre-FEED engineering studies and subsurface studies to mature the technical definition of the development concept.
Fiscal negotiations advanced with the Government of Trinidad and Tobago and commercial discussions continued with key stakeholders to evaluate options to monetise the resource.

Sunrise

The Sunrise Joint Venture (SJV) participants continued negotiations with the Australian and Timor-Leste Governments to progress a new Production Sharing Contract, Petroleum Mining Code and fiscal regime.
The SJV completed a Concept Study Report considering multiple potential Greater Sunrise development scenarios. The SJV participants are reviewing the outcomes of this report.

Exploration

On the North El Dabaa Offshore (Block 4) Licence in Egypt, the Khendjer-1X well (non-operated) was drilled in the quarter and did not encounter hydrocarbons. Post-well analysis and learnings integration are ongoing.
In Namibia, Woodside’s option period to acquire at least a 56% interest in Petroleum Exploration Licence 87 began upon receiving a seismic license in November. Woodside is currently evaluating seismic data in support of the decision on or before 18 May 2025.

New energy and carbon solutions

H2OK

Woodside continues to take a disciplined approach to H2OK and has made a strategic decision to delay FID, prioritising Beaumont New Ammonia. Work will continue to improve project competitiveness and secure binding offtake agreements.
Woodside is reviewing the final 45V Clean Hydrogen Production Tax Credit regulations released by the United States Department of Treasury in January 2025.

Heliogen

Woodside has concluded its collaboration with Heliogen on Project Capella, with both parties deciding to not pursue the construction phase of the project. Woodside and Heliogen continue to evaluate opportunities for further collaboration in deploying concentrated solar power technology.

NeoSmelt

Woodside will join BHP, Rio Tinto, and BlueScope as part of the NeoSmelt project in Western Australia as energy supplier, subject to finalising commercial arrangements.⁸
The NeoSmelt project aims to prove Pilbara iron ore can be used to produce molten iron with reduced CO2 emissions using new technologies and lower carbon energy.

Carbon capture and storage (CCS) opportunities

Completed the appraisal campaign for the proposed Bonaparte CCS project, with successful drilling of two appraisal wells and the acquisition of West Peron marine 3D seismic.

Carbon Credits Portfolio

Signed an amendment to expand the reforestation of an additional 2,400 hectares of land in the Chaco region in Paraguay to generate 0.8 million carbon credits. This brings Woodside’s total investment to 7,400 hectares of land, and is expected to generate a total of ~ 2.4 million carbon credits over 40 years.

Corporate activities

Woodside and Chevron asset swap

In December 2024 Woodside and Chevron agreed to an asset swap under which Woodside will acquire Chevron’s interest in the North West Shelf (NWS) Project, the NWS Oil Project and the Angel Carbon Capture and Storage (CCS) Project, and transfer all of its interest in both the Wheatstone and Julimar Brunello Projects to Chevron. Chevron will also make a cash payment to Woodside of up to $400 million.⁹

Hedging

During the quarter 11.4 MMboe of 2025 production was hedged, bringing the total 2025 hedging to 30 MMboe at an average price of approximately $78.7 per barrel.
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 94% of 2025 and 67% of 2026 volumes have been hedged.
The realised value of all hedged positions for the year ended 31 December 2024 is a pre-tax expense of approximately $46 million, with a $202 million expense related to oil price hedges offset by $96 million profit related to LNG hedges and $60 million profit related to other hedge positions. Hedging expense will be included in “other expenses” in the full-year financial statements.

Delisting from the London Stock Exchange

Woodside delisted from the London Stock Exchange on 20 November 2024. Woodside’s primary listing on the Australian Securities Exchange and its American Depositary Receipts program on the New York Stock Exchange are not affected by the delisting of Woodside’s shares from the London Stock Exchange.

2024 Full-Year Results and teleconference

Woodside’s 2024 Annual Report, 2024 Climate Update and associated investor briefing will be released to the market on Tuesday, 25 February 2025. These will also be available on Woodside’s website at http://www.woodside.com/
A teleconference providing an overview of the full-year 2024 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, 25 February 2025 at 10:00 AEDT / 07:00 AWST / 17:00 CST (Monday, 24 February 2025).
We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links:

Annual General Meeting

Woodside’s Annual General Meeting will be held at 10:00am (AWST) on Thursday 8 May 2025 in Perth, Western Australia and online. The closing date for receipt of director nominations is 3 March 2025.

2025 full-year guidance

Production

Woodside’s full-year 2025 production guidance is 186 – 196 MMboe (510 – 537 Mboe/day). This excludes volumes from Beaumont New Ammonia.
The approximate split by product type is:

LNG			~40%
Pipeline gas			~20%
Crude and condensate			~35%
Natural gas liquids			~5%

Capital expenditure

Woodside’s full-year 2025 capital expenditure guidance is $4.5 – 5.0 billion, this excludes the impact of any subsequent asset sell-downs, future acquisitions or other equity changes. It also excludes Louisiana LNG expenditure.¹⁰
The main activities are:

Scarborough¹¹			~35%
Trion¹²			~20%
Australia Other¹³			~20%
International Other			~10%
Beaumont New Ammonia¹⁴			~10%

Gas hub exposure

Woodside expects approximately 28% – 35% of its 2025 produced LNG to be sold at prices linked to gas hub indices.¹⁵

Production summary


		Q4 2024	Q3 2024	Q4 2023	YTD 2024	YTD 2023
Gas	MMscf/d	1,909	2,001	2,010	1,931	2,002
Liquids	Mbbl/d	224	226	170	191	162
Total	Mboe/d	559	577	522	530	513

		Q4 2024	Q3 2024	Q4 2023	YTD 2024	YTD 2023
AUSTRALIA
LNG
North West Shelf	Mboe	7,117	7,029	7,798	29,426	32,807
Pluto¹⁶	Mboe	11,232	12,007	12,407	46,719	45,587
Wheatstone	Mboe	2,460	2,565	2,505	9,341	10,159
Total	Mboe	20,809	21,601	22,710	85,486	88,553

Pipeline gas
Bass Strait	Mboe	3,140	4,069	3,206	12,978	15,100
Other¹⁷	Mboe	4,136	4,016	3,438	15,278	13,027
Total	Mboe	7,276	8,085	6,644	28,256	28,127

Crude oil and condensate
North West Shelf	Mbbl	1,250	1,265	1,359	5,187	5,867
Pluto¹⁶	Mbbl	911	966	994	3,741	3,630
Wheatstone	Mbbl	423	474	495	1,739	1,805
Bass Strait	Mbbl	482	701	704	2,178	3,367
Macedon & Pyrenees	Mbbl	617	633	653	1,466	2,731
Ngujima-Yin	Mbbl	1,143	1,231	1,203	4,234	3,212
Okha	Mbbl	616	615	616	2,188	2,076
Total	Mboe	5,442	5,885	6,024	20,733	22,688

NGL
North West Shelf	Mbbl	274	288	275	1,131	1,182
Pluto¹⁶	Mbbl	58	55	58	226	206
Bass Strait	Mbbl	740	1,152	1,026	3,665	4,320
Total	Mboe	1,072	1,495	1,359	5,022	5,708

Total Australia ¹⁸	Mboe	34,599	37,066	36,737	139,497	145,076
Total Australia ¹⁸	Mboe/d	376	403	399	381	397

		Q4 2024	Q3 2024	Q4 2023	YTD 2024	YTD 2023
INTERNATIONAL
Pipeline gas
Gulf of Mexico	Mboe	305	327	314	1,316	1,343
Trinidad & Tobago	Mboe	2,425	2,289	2,779	8,953	10,151
Other¹⁹	Mboe	–	–	–	–	47
Total	Mboe	2,730	2,616	3,093	10,269	11,541

Crude oil and condensate
Atlantis	Mbbl	2,238	2,351	2,763	9,049	10,965
Mad Dog	Mbbl	2,607	2,363	2,054	10,679	6,808
Shenzi	Mbbl	1,832	2,047	2,712	8,617	10,065
Trinidad & Tobago	Mbbl	140	143	284	503	1,076
Sangomar	Mbbl	6,901	5,902	–	13,343	–
Other¹⁹	Mbbl	81	81	81	324	237
Total	Mboe	13,799	12,887	7,894	42,515	29,151

NGL
Gulf of Mexico	Mbbl	320	515	344	1,583	1,387
Other¹⁹	Mbbl	–	–	–	–	27
Total	Mboe	320	515	344	1,583	1,414

Total International	Mboe	16,849	16,018	11,331	54,367	42,106
Total International	Mboe/d	183	174	123	149	115

Total Production	Mboe	51,448	53,084	48,068	193,864	187,182
Total Production	Mboe/d	559	577	522	530	513

Product sales


		Q4 2024	Q3 2024	Q4 2023	YTD 2024	YTD 2023
Gas	MMscf/d	2,115	2,154	2,118	2,085	2,248
Liquids	Mbbl/d	214	228	166	190	158
Total	Mboe/d	585	606	538	556	552

		Q4 2024	Q3 2024	Q4 2023	YTD 2024	YTD 2023
AUSTRALIA
LNG
North West Shelf	Mboe	6,753	7,353	7,367	29,195	34,573
Pluto	Mboe	10,490	12,014	12,130	45,766	45,654
Wheatstone²⁰	Mboe	2,280	3,048	2,473	10,181	9,676
Total	Mboe	19,523	22,415	21,970	85,142	89,903

Pipeline gas
Bass Strait	Mboe	3,320	4,163	3,341	13,561	15,042
Other²¹	Mboe	4,058	3,816	3,684	14,203	12,906
Total	Mboe	7,378	7,979	7,025	27,764	27,948

Crude oil and condensate
North West Shelf²²	Mbbl	1,203	1,253	514	5,574	4,669
Pluto	Mbbl	1,093	858	614	3,874	3,070
Wheatstone	Mbbl	319	360	349	1,674	1,697
Bass Strait	Mbbl	518	662	410	2,048	2,934
Ngujima-Yin	Mbbl	1,006	1,082	1,352	4,105	3,201
Okha	Mbbl	653	618	1	2,461	1,951
Macedon & Pyrenees	Mbbl	472	498	1,054	1,466	2,605
Total	Mboe	5,264	5,331	4,294	21,202	20,127

NGL
North West Shelf	Mbbl	252	249	253	1,022	941
Pluto	Mbbl	53	52	49	209	336
Bass Strait	Mbbl	303	1,142	1,370	2,591	4,341
Total	Mboe	608	1,443	1,672	3,822	5,618

Total Australia	Mboe	32,773	37,168	34,961	137,930	143,596
Total Australia	Mboe/d	356	404	380	377	393