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Woodside Energy (WDS) reported Q1 2025 results with quarterly revenue of $3,315 million, down 5% from Q4 2024 but up 13% year-over-year. Production reached 49.1 MMboe (546 Mboe/day), showing a 4% decrease from Q4 2024 due to weather impacts and outages, but increased 9% from Q1 2024.
The Sangomar field demonstrated exceptional performance with 78 Mbbl/day production at 97.6% reliability. Major projects remain on track: Beaumont New Ammonia Project (90% complete), Scarborough Energy Project (82% complete), and Trion Project (26% complete).
Strategic developments include the sale of a 40% interest in Louisiana LNG Infrastructure to Stonepeak, new LNG supply agreements with Uniper for up to 2 million tonnes annually, and the divestment of Greater Angostura assets for $206 million.
Woodside (WDS) has signed significant LNG supply agreements with Uniper, encompassing two key components: 1.0 million tonnes per annum (Mtpa) from Louisiana LNG and up to 1.0 Mtpa from Woodside's global portfolio. The agreements span up to thirteen years from Louisiana LNG's commercial operations date, with the portfolio supply extending until 2039.
The deal marks a important step toward the final investment decision for the Louisiana LNG project, Woodside's largest growth initiative. The project involves a three-train 16.5 Mtpa foundation development, strengthening Woodside's position in both Atlantic and Pacific basins. The arrangement will enhance Europe's energy security, particularly supporting Uniper's flexible generation strategy and potential gas-fired power plant developments in Germany.
Woodside Energy (WDS) has confirmed it is in discussions with Uniper regarding potential LNG supply arrangements. The company emphasized that these discussions are currently ongoing and incomplete, with no final agreement reached on terms. Woodside stated it will continue to provide market updates in accordance with its continuous disclosure obligations.
Woodside (WDS) has entered into a binding agreement with Stonepeak to sell a 40% interest in Louisiana LNG Infrastructure Stonepeak will contribute $5.7 billion towards the development of the three-train 16.5 million tonnes per annum foundation project, with accelerated capital expenditure representing 75% of total expected costs in 2025 and 2026.
The partnership significantly reduces Woodside's capital expenditure profile and marks a important step towards final investment decision. The estimated forward cost for the foundation development remains at $900-960/tonne. The transaction's effective date is January 1, 2025, with closing targeted in Q2 2025, subject to conditions including FID and regulatory approvals.
Woodside maintains 60% ownership through Louisiana LNG (HoldCo) and will continue discussions with additional potential partners, targeting a total equity sell-down of around 50% in the integrated project.
Stonepeak has agreed to acquire a 40% interest in Louisiana LNG Infrastructure, a liquefied natural gas production and export terminal owned by Woodside Energy Group (ASX: WDS, NYSE: WDS). The project, located in Calcasieu Parish, Louisiana, has a total permitted capacity of 27.6 million tonnes per annum.
The facility is approaching final investment decision (FID) for its foundation development, with construction already underway and front-end engineering design completed. Bechtel serves as the engineering, procurement, and construction contractor, while Woodside will continue to operate the facility post-transaction.
The transaction is anticipated to close in Q2 2025, subject to FID approval and other regulatory requirements. The deal resulted from a competitive process and will significantly reduce Woodside's capital expenditure for the project.
SLB (NYSE: SLB) has secured a major drilling contract from Woodside Energy (NYSE: WDS) for the ultra-deepwater Trion development project in Mexico. The contract encompasses the delivery of 18 ultra-deepwater wells over three years, utilizing AI-enabled drilling capabilities.
The comprehensive scope includes digital directional drilling services, logging while drilling (LWD), surface logging, cementing, drilling and completions fluids, completions, and wireline services. The project will operate in challenging water depths up to 2,500 meters.
Services will commence in early 2026, managed through SLB's Performance Live™ digital service delivery centers. This follows a previous major contract awarded to SLB OneSubsea™ joint venture in 2023 for subsea equipment. The Trion field, being developed by Woodside in partnership with Pemex, targets first production in 2028.
Woodside (WDS) has agreed to sell its Greater Angostura assets in Trinidad and Tobago to Perenco for $206 million. The deal includes Woodside's interests in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities, and the onshore terminal.
The transaction, expected to close in Q3 2025 with an effective date of January 1, 2025, will provide near-term cash flow for ongoing investments and shareholder distributions. Greater Angostura currently produces approximately 12% of Trinidad and Tobago's gas supply. Over the past two decades, Woodside has paid more than $2 billion in taxes and invested over $1 billion in major capital shallow water developments in the region.
Following the closure, Perenco will assume ownership, operatorship, and restoration obligations of the assets. Most Woodside employees in Trinidad and Tobago are expected to transfer to Perenco. The deepwater Calypso field is not included in this transaction.
Woodside Energy Group (ASX: WDS) reported record production of 193.9 million barrels of oil equivalent (MMboe) for full-year 2024, driven by outstanding early performance at Sangomar and 98% reliability at operated LNG assets. Net profit after tax increased 115% year-on-year to $3,573 million, while underlying NPAT decreased 13% to $2,880 million due to lower realized oil and gas prices.
The company declared a final dividend of US 53 cents per share, bringing the full-year fully franked dividend to US 122 cents per share with an 80% payout ratio. Unit production cost decreased 2% to $8.1/boe despite inflationary pressures, while operating cash flow remained strong at $5.8 billion with an 82% cash margin.
Strategic achievements include the acquisition of Louisiana LNG and Beaumont New Ammonia, completion of Scarborough Joint Venture sell-downs totaling $2.3 billion, and signing long-term LNG sales agreements with Asian buyers. Major projects are progressing well, with the Scarborough Energy Project now 80% complete and on track for first LNG cargo in 2026.
Heliogen Inc. (OTCQX: HLGN) has announced the completion of Project Capella, a pioneering demonstration project for Generation 3 Concentrated Solar Power (CSP) technology. The project, jointly funded by Woodside Energy and the US Department of Energy, aimed to develop a 5-MWe concentrated solar power plant.
While achieving several critical milestones in prototyping and design, including Front-End Engineering Design (FEED) completion and Centrec particle receiver development, the project concluded after the FEED phase due to cost escalation. Both companies decided not to proceed with construction but remain open to future collaboration.
Heliogen is now shifting its focus to meet growing demand for dispatchable, low-carbon energy solutions for data centers using their Gen 2 CSP technology, which is already commercially proven. The project successfully advanced key technological innovations and established important foundations for future developments in CSP technology.
Woodside Energy Group (WDS) reported record annual production of 194 MMboe in 2024, driven by outstanding performance from Sangomar producing 75 Mboe/day. Q4 2024 production was 51.4 MMboe, down 3% from Q3 due to lower seasonal demand and an unplanned Pluto shutdown.
Q4 revenue reached $3,470 million, a 6% decrease from Q3. The company sold 33.6% of produced LNG at prices linked to gas hub indices, achieving a 31% premium compared to oil-linked pricing.
Key projects progressed with Scarborough Energy project at 78% completion, Trion project at 20% completion, and Beaumont New Ammonia on track for H2 2025 startup. The company completed the sale of a 15.1% stake in Scarborough to JERA for $1.4 billion and signed an EPC contract with Bechtel for Louisiana LNG development, targeting FID from Q1 2025.
