Woodside Raises Q2 Revenue, Lowers 2025 Production Forecast

Woodside Energy reported strong second-quarter earnings for 2025 driven by record production from the Sangomar oil field in Senegal, which generated $510 million in revenue and contributed significantly to a 13% rise in overall production to 50.1 million barrels of oil equivalent. The company raised its full-year production guidance to between 188 and 195 million BOE while lowering its unit production cost forecast to $8.00–$8.50 per BOE, reflecting improved operational efficiency. Woodside completed the sale of a 40% stake in its Louisiana LNG export project for $5.7 billion and secured commitments for most capital expenditures through 2026. However, Woodside exited its H2OK hydrogen project, taking a $140 million impairment charge due to cost escalations and weaker hydrogen demand, and it anticipates significant decommissioning costs for aging offshore assets. The company also adjusted its production forecast downward slightly due to asset divestments, including the sale of Greater Angostura assets in Trinidad and Tobago. Woodside maintains strong liquidity at $8.4 billion, supported by bond issuance and divestments, while continuing development on multiple projects in Australia and the U.S.