Woodside Energy Group (NYSE:WDS) delivered a record-breaking production performance for 2025, outstripping its own guidance even as the company navigates a sudden leadership transition following the exit of longtime CEO Meg O’Neill.
The Perth-based giant reported full-year production of 198.8 million barrels of oil equivalent (MMboe), surpassing the top end of its 192–197 MMboe forecast.
The results were underpinned by exceptional reliability at its Sangomar oil field in Senegal and the Pluto LNG facility in Western Australia.
The report comes as Acting CEO Liz Westcott makes her debut in the top role.
Westcott, a 25-year ExxonMobil veteran who previously served as Woodside's COO of Australian operations, was appointed in December 2024 following O'Neill's resignation to lead global energy major BP.
The board is currently conducting a global search for a permanent successor, with a decision expected in the first quarter of 2026.
Despite the record annual figures, quarterly production for the final three months of 2025 dipped 4% to 48.9 MMboe.
This decline was attributed to seasonal weather patterns and softer demand on Australia’s east coast.
Revenue for the quarter also faced pressure, falling 13% year-on-year to $3.04 billion, as realized prices averaged $57/boe—down from $63/boe a year ago amid a cooling global oil market.
Looking ahead, Woodside issued a conservative production guidance for 2026 of 172–186 MMboe.
The anticipated drop reflects a planned five-week major turnaround at Pluto LNG in the second quarter.
This maintenance is a critical precursor to the hook-up of the $12.5 billion Scarborough Energy Project, which reached 94% completion at year-end.