Australia’s largest oil and gas company, Woodside Energy, has raised its full-year production guidance for 2025 and lowered its unit cost expectations, citing strong performance across its key assets.
Woodside now expects production this year to be in the range of 192 to 197 million barrels of oil equivalent (boe), up from its previous forecast of 188 to 195 million boe. In addition, the expected unit production cost has been reduced to $7.6–$8.1 per barrel, down from the earlier $8.0–$8.5 per barrel range.
The company attributed the improved guidance to continued strong performance across its portfolio, particularly for its U.S. assets and the offshore oil field in Senegal—its first oil project in that country launched last year. Following the announcement, Woodside’s shares rose by about 4 % in Australia, with its U.S. listed ADRs up roughly 3.6 % after hours.
Despite the upbeat guidance, Woodside’s third-quarter revenue fell by 9 % year-on-year to around $3.36 billion, amid an 8 % drop in the average realized price per boe, which slipped to about $60. On a year-to-date basis through September, however, the company reported a 3 % rise in revenue and a 5 % increase in production.
Beyond production, Woodside also provided updates on key projects: its Scarborough LNG development is now 91 % complete and on track for initial LNG in the second half of 2026, while its Louisiana LNG project in the U.S. is 19 % complete with the first train currently at 25 % and targeting first LNG in 2029.
In contrast, another major Australian producer, Santos Ltd., last week lowered its 2025 production guidance, citing internal issues and external disruptions.