PERTH, Australia — Woodside Energy said Wednesday that revenue for the December quarter fell 13% from a year earlier to US$3.04 billion. The company blamed lower realized prices, but said record annual output and progress at the Scarborough LNG project helped steady its outlook even as it forecast lower production in 2026, Jan. 28, 2026.
Woodside Energy record output offsets weaker prices
In its fourth-quarter report, Woodside Energy said 2025 production rose 3% to 198.8 million barrels of oil equivalent (boe), topping its guided range of 192 million to 197 million boe. Annual performance was supported by plateau production at the Sangomar oil field offshore Senegal and 100% reliability at Pluto LNG in the second half, it said.
Fourth-quarter production slipped 5% to 48.9 million boe and average realized prices fell to $57 per boe from $63 a year earlier. The update, also posted as an ASX filing and summarized in a Business Wire release, showed revenue also declined from US$3.36 billion in the September quarter.
Woodside Energy lowers 2026 production guidance as Scarborough nears start-up
For 2026, Woodside Energy guided to 172 million to 186 million boe of production, including 170 million to 183 million boe of hydrocarbons and 2 million to 3 million boe from the Beaumont New Ammonia project. “Our 2026 volume guidance … reflects planned down time at Pluto,” acting CEO Liz Westcott said, pointing to a five-week Pluto LNG Train 1 turnaround in the second quarter and other downtime ahead of Scarborough processing.
Woodside Energy forecast 2026 capital spending of US$4 billion to US$4.5 billion as it pushes Scarborough toward start-up and continues work on Trion and Louisiana LNG.
The company said Scarborough was 94% complete at year-end and remains on budget, with first LNG cargo targeted for the fourth quarter of 2026. Shares rose more than 2% after the update, according to Reuters.
Woodside Energy also confirmed first conventional ammonia production at Beaumont in late December, with final commissioning continuing into early 2026. Lower-carbon ammonia production is planned for the second half of 2026, it said.
Continuity: Scarborough funding and U.S. deals built today’s pipeline
In February 2024, Woodside agreed to sell a 15.1% stake in Scarborough to Japan’s JERA for about $1.4 billion to help fund the development while keeping operatorship, Reuters reported.
Woodside also expanded in the United States, completing a $1.2 billion purchase of LNG developer Tellurian in 2024 and rebranding Driftwood as Woodside Louisiana LNG, Reuters reported. It agreed to buy OCI Global’s Texas clean-ammonia project for $2.35 billion — a deal that formed the base for Beaumont — according to Reuters.
More recently, the company raised its 2025 production guidance in October, then ended the year above that range, a pattern that analysts say could repeat as Scarborough ramps up, Reuters reported in October.
Woodside Energy is due to release full-year results Feb. 24, with Scarborough and Beaumont expected to be key catalysts for 2026.
