Woodside operational update showed that the company has Maintained exceptional production from Sangomar of 78 Mbbl/day as Woodside equity interest produced in the quarter under review.  The company’s quarterly production of 49.1 MMboe at 546 Mboe/day is down by 4% from Q4 2024 due to weather impacts at NWS and unplanned outages at Pluto, partially offset by higher production at Shenzi and Atlantis.

Woodside quarterly production increased by 9% from Q1 2024 due to the addition of Sangomar production, while the quarterly revenue of $3,315 million is down by 5% from Q4 2024 primarily due to lower production and lower oil-linked prices.

The Q1 2024 quarterly revenue increased by 13% due to Sangomar start-up in July 2024 and high gas hub-linked prices. The company has sold 25.4% of produced LNG at prices linked to gas hub indices in the quarter (9.4% of total equity production).

Projects

Woodside has witnessed strong project execution for the quarter under review, with all projects on schedule and budget. The Beaumont New Ammonia Project was 90% complete, with Phase 1 of the project on track for startup in the second half of 2025.

The Scarborough Energy Project was 82% complete, and remains on track for first LNG cargo in the second half of 2026 while the Trion Project was 26% complete, and remains on track for first oil in 2028

Portfolio developments

Woodside has further streamlining its portfolio and generating near-term cash flow by divesting the Greater Angostura assets. Subsequent to the quarter, the company has entered an agreement for the sale of a 40% interest in Louisiana LNG Infrastructure LLC and has signed LNG sale and purchase agreements with Uniper for the supply of up to two million tonnes per annum.

Woodside CEO Meg O’Neill said the company continued its focus on operational excellence and project delivery over the first quarter of 2025, while laying the foundation for Woodside’s next phase of value creation.

“We maintained world-class operational performance across our portfolio of high-quality assets, with Sangomar further boosting quarterly revenue through exceptional production of 78 thousand barrels per day at almost 98% reliability. “Significant progress was made on our major growth projects, all of which are proceeding to schedule and within budget.

“At our Beaumont New Ammonia Project, pre-commissioning activities are expected to commence in the second quarter, with startup targeted for the second half of the year. This value-creating opportunity is set to deliver returns above our capital allocation framework and will position Woodside very competitively in the growing market for lower-carbon ammonia.

“Our Scarborough Energy Project is progressing as scheduled towards first LNG cargo in the second half of 2026, with the hull and topsides of the floating production unit being prepared for integration activities. “The Trion Project is also gaining momentum. The construction of the subsea equipment and floating facilities is progressing well, and the project remains on schedule for first oil in 2028.

“We are progressing at pace towards a final investment decision on Louisiana LNG, positioning Woodside as a global LNG powerhouse. We passed a major milestone on 7 April, announcing the sale of a 40% interest in the infrastructure entity to Stonepeak, a leading global investment firm. The accelerated capital contribution from Stonepeak enhances Louisiana LNG returns, reduces Woodside’s capital commitments and strengthens Woodside’s near-term capacity for shareholder distributions.

“The exceptional value proposition offered by Louisiana LNG was further demonstrated by our 17 April agreement for long-term supply of LNG to Uniper, whose leadership in European energy markets make it an ideal foundation customer for the project. “We are pleased with the strong level of interest from potential strategic partners and are advancing discussions targeting further equity sell-down in Louisiana LNG.

 “Louisiana LNG has a Foreign-Trade Zone, enabling the project to defer payment of tariffs until completion of each LNG train. We are assessing the potential impacts of recent tariff announcements and potential further trade measures on Louisiana LNG. Around 25% of Louisiana LNG’s estimated capital expenditure is equipment and materials, approximately half of which is currently expected to be sourced from the US.

“As Australia approaches a federal election, it is encouraging to see both major parties recognising the essential role of gas in supporting national prosperity and a stable energy transition. We look forward to certainty for ongoing operations at the North West Shelf beyond 2030, to enable it to support thousands of direct and indirect jobs, billions of dollars in taxes and royalties, and secure future gas supply to Western Australia. “Customer demand for Woodside’s LNG remains robust. The 15-year sale and purchase agreement with China Resources announced during the quarter was Woodside’s fourth new long-term contract with a regional customer in just over a year.

“With significant growth in the pipeline, we continue to streamline our business to focus on core and highvalue assets. Our agreement to divest the Greater Angostura assets in Trinidad and Tobago for $206 million underscores our disciplined approach to portfolio management and optimisation. We applied the same discipline in declining to progress Namibian Petroleum Exploration Licence 87, exiting H2TAS and reassessing the H2OK project.”