Woodside Beats Annual Production Goal, Forecasts Weaker Output in 2026

By David Winning

SYDNEY--Woodside Energy beat its own target for oil and natural gas production in 2025, but forecast a fall in output this year despite a maiden contribution from its Beaumont ammonia project in the U.S.

Woodside said it produced 48.9 million barrels of oil equivalent in the three months through December, bringing its annual output to 198.8 million BOE. Annual production was up 3% on 2024 and ahead of raised guidance of 192 million-197 million BOE provided to investors in October.

The Perth-based company forecast output of between 172 million and 186 million BOE in the current 12 months through December. It said volumes would be constrained by a major turnaround of its Pluto liquefied natural gas project in the second quarter, which is expected to last around five weeks.

The production guidance also includes 2 million-3 million BOE from its Beaumont New Ammonia project in Texas, which achieved maiden output in December.

Wednesday's quarterly report was the first by Woodside since Meg O'Neill stepped down as chief executive to take the helm at oil major BP from April 1. Woodside moved quickly to name Liz Westcott as acting CEO. Westcott had led Woodside's Australian operations since joining the Perth-based company in the middle of 2023.

Westcott said the company achieved record annual production in 2025 while advancing key projects, such as the Scarborough natural-gas development in Australia, which is 94% complete.

"This performance was driven by sustained plateau production at Sangomar through late October and Pluto LNG operating at 100% reliability for the second half of the year," Westcott said. Sangomar is Woodside's majority owned oil project in Senegal.

Woodside reported sales revenue of US$3.04 billion in the three months through December, below the US$3.36 billion achieved in its fiscal third quarter. Average realized prices fell to US$57 a barrel, from US$60/BOE in the third quarter.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

January 27, 2026 17:28 ET (22:28 GMT)