Oil and gas giant Woodside Energy has reported a 24 percent drop in its underlying net profit after tax (NPAT) at US$1.2 billion in the first half of 2025.
The energy company attributed this fall to lower oil and gas prices, and depreciation of its Sangomar oil project in Senegal.
Woodside, headquartered in Perth Western Australia, has current and future projects in Australia, Senegal, the Timor Sea, the United States, and Mexico.
Despite a fall in profits, Woodside achieved an 11 percent increase in production to 99.2 million barrels of oil (MMboe) in the first half of 2025, compared to the same half last year.
Energy Consumption Up 14 Percent in Poorer Asia-Pac Countries
Reflecting on the global energy landscape, Woodside CEO Meg O'Neill said the role of LNG would be pivotal to meet future demand.
She said that as the world population grows and living standards improved, energy use would also increase.
O'Neill said since 2020, primary energy consumption per capita had risen 14 percent in non-Organisation for Economic Co-operation and Development (OECD) Asia Pacific countries.
She then alluded to potential growth in these markets.
“At the same time, even with this growth, a major demand gap exists between these nations and OECD APAC and the USA, indicating significant additional demand growth is likely as nations seek economic growth and improved quality of life,” O'Neill said.
“The challenges for these countries remains to secure reliable and affordable supply, while at the same time reducing emissions and improving air quality.”
Woodside Provides Update on Key Projects
Woodside considers itself well positioned to unlock future value via a potential decision to develop the Louisiana liquified natural gas (LNG) project in America.“The project’s compelling value proposition was reinforced with key infrastructure, offtake, and gas supply agreements signed with high-quality partners.”
O'Neill also reflected on “ongoing exceptional performance” of the Senegal Project, which includes the Sangomar offshore oil field, 100 kilometres off the coast of Dakar.
“In just the first half of 2025, Sangomar has generated revenue nearing $1 billion, with gross production of 100,000 barrels per day. Proved reserves have also been added, following positive early field performance.”
The Woodside CEO also provided an update on the progress of the Scarborough Energy Project in Western Australia and the Trion Project offshore Mexico.
“The Scarborough Energy Project in Western Australia is 86 percent complete and targeting first LNG cargo in the second half of 2026. Our Trion Project offshore Mexico is 35 percent complete and targeting first oil in 2028,” O'Neill said.
Woodside also operates the Pluto LNG gas processing facility in the Pilbara of Western Australia, which produced 25.5 MMboe in the first half of 2025.
While the North West Shelf Project (NWS) off the northwest coast of Western Australia near Karratha achieved production of 15.1 MMboe. Meanwhile, Wheatstone near Onslow WA produced 6.3 MMboe, up 8.6 percent compared to 2024 amid higher reliability.
Key Figures
Woodside reported an average realised price of US$61.8 per barrel of oil equivalent (boe) in the first half of 2025, down 1 percent from half one, 2024.Net profit after tax (NPAT) fell 24 percent to $1.2 billion. Operating revenue rose 10 percent to nearly US$6.6 billion.
Shareholders will receive a fully franked half-year dividend of US53 cents per share, representing an 80 percent payout ratio of the company’s underlying NPAT.
O'Neill said the results demonstrated Woodside’s “world-class business” is rewarding shareholders with strong dividends while also providing balance sheet strength for major growth projects.
