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Woodside Energy Group Ltd WDS

Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)

21.44USD−0.33% · 1 dayClose 05 Nov 2026

Woodside Energy Group Ltd is an Australian oil and natural gas producer with a major LNG business, operating in Australia, Senegal, Trinidad and Tobago, Mexico and the United States. In fiscal 2025 it reported operating revenue of 12984 million USD, and proved reserves stood at 1882.1 MMboe, making it a reference point for the Asia-Pacific energy market and beyond.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, Woodside Energy Group Ltd (WDS) stock was 21.44 USD (−0.33% on the day), with market capitalisation 40.8 bn USD, P/E 15.1 on diluted EPS of 1.42 USD over the last 12 months, dividend yield 5.22%, beta 0.42, 52-week range 14.58–24.78 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
40.8 bn USD
shares as of 31 Dec 2025
P/E (TTM)
15.1
Diluted EPS TTM 1.42 · TTM to 31 Dec 2025
E/P (TTM)
6.62%
TTM to 31 Dec 2025
Dividend yield
5.22%
DPS 12m 1.12
Beta (2y)
0.42
Volatility (1y) 34%
52-week range
14.5824.78

Price history

Loading chart…

Technical reading

RSI (14)
36.0
weak (30–45)
Bollinger (20, 2)
21.71 – 24.28
below the lower band · %B -0.10 · band width 11.2%
SMA 50 / 200
22.91 / 21.96
mixed trend
MACD (12, 26, 9)
-0.19 / 0.02
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−1.4%−1.1%−0.3 pp—
3 months−5.6%−0.5%−5.1 pp—
6 months−2.1%+4.4%−6.5 pp—
Year to date+37.5%+12.3%+25.2 pp—
1 year+30.9%+13.5%+17.3 pp+19.9%
3 years−1.3%+76.4%−77.7 pp+5.5%
5 years+27.2%+63.7%−36.4 pp—
Max drawdown (1y)
−23.6%
27 Mar 2026 → 26 Jun 2026
Max drawdown (5y)
−57.2%
26 Jan 2023 → 08 Apr 2025
Compound annual growth (5y)
+4.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 80 percentile of its own 5-quarter history (min 5.7, median 8.3, max 24.3; quarters with earnings only).

Fiscal years

Fiscal year202020212022202320242025
Revenue3.6 bn7.0 bn16.8 bn14.0 bn13.2 bn13.0 bn
Revenue YoYunavailable+93.4%+141.6%−16.8%−5.8%−1.5%
Net income-4.0 bn2.0 bn6.5 bn1.7 bn3.6 bn2.7 bn
Net income YoYunavailableunavailable+227.7%−74.5%+115.2%−23.9%
Diluted EPS-4.242.044.260.871.871.42
Diluted EPS YoYunavailableunavailable+108.9%−79.6%+115.1%−24.0%
net %-111.9%28.5%38.6%11.9%27.1%20.9%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
5.7 bn USD
Financial debt
12.0 bn USD
Net debt
6.3 bn USD
Equity
39.8 bn USD
Total assets
66.5 bn USD
Debt / equity
0.30x
Current ratio
1.59x
ROE
7.2%
ROA
4.3%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
14.0 bn
2024
13.2 bn
2025
13.0 bn

SEC (XBRL)· 24 Feb 2026verified

Cost of revenue
2023
7.5 bn
2024
7.5 bn
2025
8.4 bn

SEC (XBRL)· 24 Feb 2026verified

Gross profit
2023
6.5 bn
2024
5.7 bn
2025
4.5 bn

SEC (XBRL)· 24 Feb 2026verified

Operating income
2023
3.3 bn
2024
4.5 bn
2025
3.9 bn

SEC (XBRL)· 24 Feb 2026verified

Interest expense
2023
307.0 m
2024
365.0 m
2025
299.0 m

SEC (XBRL)· 24 Feb 2026verified

Pre-tax income
2023
3.3 bn
2024
4.4 bn
2025
3.8 bn

SEC (XBRL)· 24 Feb 2026verified

Income tax
2023
653.0 m
2024
814.0 m
2025
763.0 m

SEC (XBRL)· 24 Feb 2026verified

Net income
2023
1.7 bn
2024
3.6 bn
2025
2.7 bn

SEC (XBRL)· 24 Feb 2026verified

Diluted EPS
2023
0.87
2024
1.87
2025
1.42

SEC (XBRL)· 24 Feb 2026verified

Weighted average diluted shares
2023
1.9 bn
2024
1.9 bn
2025
1.9 bn

SEC (XBRL)· 24 Feb 2026verified

Dividend per share
2023
1.40
2024
1.22
2025
1.12

SEC (XBRL)· 24 Feb 2026verified

Balance sheet · USD

Cash
2023
1.7 bn
2024
3.9 bn
2025
5.7 bn

SEC (XBRL)· 24 Feb 2026verified

Receivables
2023
1.5 bn
2024
2.4 bn
2025
1.8 bn

SEC (XBRL)· 24 Feb 2026verified

Inventories
2023
616.0 m
2024
684.0 m
2025
693.0 m

SEC (XBRL)· 24 Feb 2026verified

Current assets
2023
5.1 bn
2024
7.6 bn
2025
8.6 bn

SEC (XBRL)· 24 Feb 2026verified

Property, plant & equipment, net
2023
40.8 bn
2024
42.6 bn
2025
46.6 bn

SEC (XBRL)· 24 Feb 2026verified

Goodwill
2023
4.0 bn
2024
3.9 bn
2025
4.0 bn

SEC (XBRL)· 24 Feb 2026verified

Total assets
2023
55.4 bn
2024
61.3 bn
2025
66.5 bn

SEC (XBRL)· 24 Feb 2026verified

Accounts payable
2023
1.7 bn
2024
2.2 bn
2025
1.8 bn

SEC (XBRL)· 24 Feb 2026verified

Short-term debt
2023
0
2024
990.0 m
2025
782.0 m

SEC (XBRL)· 24 Feb 2026verified

Long-term debt
2023
4.9 bn
2024
9.0 bn
2025
11.2 bn

SEC (XBRL)· 24 Feb 2026verified

Current liabilities
2023
5.0 bn
2024
5.9 bn
2025
5.4 bn

SEC (XBRL)· 24 Feb 2026verified

Total liabilities
2023
20.2 bn
2024
25.1 bn
2025
26.7 bn

SEC (XBRL)· 24 Feb 2026verified

Equity
2023
35.2 bn
2024
36.2 bn
2025
39.8 bn

SEC (XBRL)· 24 Feb 2026verified

Shares outstanding at year end
2023
1.9 bn
2024
1.9 bn
2025
1.9 bn

SEC (XBRL)· 24 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
6.1 bn
2024
5.8 bn
2025
7.2 bn

SEC (XBRL)· 24 Feb 2026verified

Investing cash flow
2023
-5.6 bn
2024
-5.7 bn
2025
-7.9 bn

SEC (XBRL)· 24 Feb 2026verified

Financing cash flow
2023
-5.0 bn
2024
2.1 bn
2025
2.5 bn

SEC (XBRL)· 24 Feb 2026verified

Dividends paid
2023
4.3 bn
2024
2.4 bn
2025
2.0 bn

SEC (XBRL)· 24 Feb 2026verified

Share repurchases
2023
0
2024
0
2025
53.0 m

SEC (XBRL)· 24 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-1.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
-8.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
29.2%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-13.8%
computed by olivLawFY 2025
Net income growth (YoY)
-23.9%
computed by olivLawFY 2025
Net income CAGR 3Y
-25.2%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-24.0%
computed by olivLawFY 2025
EPS CAGR 3Y
-30.7%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
34.9%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
30.0%
computed by olivLawFY 2025
Net margin
20.9%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
7.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
4.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
7.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
6.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
78.9%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
6.3 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.3x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
13.0x
computed by olivLawFY 2025

Liquidity

Current ratio
1.6x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
7.2 bn USD
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
58 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
30 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
87 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
1 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
40.8 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
47.0 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
15.0x
computed by olivLawFY 2025
P/E (TTM)
15.1x
computed by olivLawFY 2025
Earnings yield
6.6%
computed by olivLawFY 2025
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
3.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
12.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
3.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
5.2%
computed by olivLawFY 2025
Shareholder yield (distributions)
5.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Risk

Altman Z
1.38
computed by olivLawbalance sheet at 31 Dec 2025

Valuation

olivLaw classification

Unattractive profile

Score: 44 / 100

A scoring methodology on indicators and valuation, not investment advice.

(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])

Closing price

21.44 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 40.8 bn USD

Key indicators

Market capitalisation
40.8 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
15.1x
computed by olivLawFY 2025
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
7.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
20.9%
computed by olivLawFY 2025
Revenue growth (YoY)
-1.5%
computed by olivLawFY 2025
Dividend yield
5.2%
computed by olivLawFY 2025

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 24 Feb 2026
verified 181

Score by group

  • Valuation32
  • Returns72
  • Quality59
  • Balance sheet86
  • Growth0

Estimated value range

Low
13.26
USD per share
Mid
15.57
USD per share
High
20.55
USD per share
Price: 21.44 USD
The price is above the range
Potential to the central value: -27.4% (value / price − 1)
Margin of safety: -37.7% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.79 – 21.30 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E11.79 – 21.30 (Mid 14.26)
    20 companies used · median multiple 10.0x · quartiles 8.3x – 15.0x
    APA, CKX, DEC, DMLP, DVN, EOG, EQT, EXE, FANG, GPRK, KRP, MNR, MTDR, OVV, OXY, PARR, PR, REPX, SD, TTE
  • Dividend discount (DDM)14.72 – 19.79 (Mid 16.88)
Multiple comparisons use the SIC vertical: Crude Petroleum & Natural Gas (SIC 1311)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 44/100

FactorValueScoreWeight used
ROIC · Quality7.1%48 (vs peers)17%
Net margin · Quality20.9%76 (vs peers)10%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-8.3%0 (on a fixed band)14%
EPS CAGR 3Y · Growth-30.7%0 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet13.0x100 (on a fixed band)10%
Current ratio · Balance sheet1.6x66 (on a fixed band)7%
P/E (TTM) · Valuation15.1x32 (vs peers)17%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns5.1%72 (on a fixed band)10%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet86/100 · 2/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality59/100 · 2/3 factors with a value
  • Returns· partial72/100 · 1/2 factors with a value
  • Valuation· partial32/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Woodside Energy Group Ltd (WDS). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 13.0 bn USD in 2025; YoY growth -1.5%; net margin 20.9%; ROE 7.6%.

The estimated value range is 13.26–20.55 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 15.57 USD, the price of 21.44 USD leaves a potential of -27.4% (value / price − 1) and a margin of safety of -37.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 44/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 20.9%
  • Interest coverage: 13.0x
  • Shareholder yield (distributions): 5.1%

What contradicts it

  • Revenue CAGR 3Y: -8.3%
  • EPS CAGR 3Y: -30.7%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
15.1x
vertical median 11.0x
above median (+37.8%)
EV/EBITDA
—
vertical median 5.1x
P/S
3.1x
vertical median 1.6x
above median (+99.6%)
P/B
1.1x
vertical median 1.3x
below median (−14.1%)
ROE
7.6%
vertical median 10.9%
below median (−30.2%)
Net margin
20.9%
vertical median 9.0%
above median (+132.0%)
EBIT margin
30.0%
vertical median 14.9%
above median (+101.3%)
Revenue YoY
-1.5%
vertical median -3.4%
above median
Net debt/EBITDA
—
vertical median 1.0x
Dividend yield
5.2%
vertical median 2.7%
above median (+95.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TTETotalEnergies SE195.8 bn15.411.3%6.5%−6.2%+35% / +30%
PBRPetrobras - Petroleo Brasileiro SA139.9 bn32.410.9%8.2%−10.7%+50% / +23%
EOGEog Resources, Inc.77.1 bn11.422.5%25.4%−4.5%+36% / +19%
OXYOccidental Petroleum Corporation57.3 bn8.618.9%33.7%−1.9%+37% / −3%
FANGDiamondback Energy, Inc.51.1 bn25.05.3%11.0%+35.8%+20% / +18%
DVNDevon Energy Corp48.5 bn10.511.5%16.7%+7.8%+19% / −2%
WDSWoodside Energy Group Ltd40.8 bn15.17.6%20.9%−1.5%+31% / −1%
EQTEqt Corporation32.9 bn12.510.9%28.4%+63.9%−14% / +31%
EXEExpand Energy Corporation20.2 bn7.614.6%19.8%+186.3%−28% / +9%
PRPermian Resources Corporation18.8 bn14.911.5%21.5%+1.3%+55% / +71%
OVVOvintiv Inc.16.8 bn12.712.1%12.8%−2.7%+53% / +41%
APAApa Corporation15.6 bn9.425.9%—unavailable+78% / +24%
MTDRMatador Resources Company6.2 bn8.612.8%19.9%+5.5%+18% / −14%
CRCCalifornia Resources Corp4.0 bn—-15.5%-18.1%+14.7%−5% / −11%
PARRPar Pacific Holdings, Inc.3.4 bn3.650.9%9.8%−6.4%+50% / +100%
TALOTalos Energy Inc.2.4 bn—-18.1%-18.4%−9.8%+28% / +5%
NOGNorthern Oil And Gas, Inc.2.4 bn—-22.1%-25.4%+11.2%−1% / −41%
MNRMach Natural Resources LP1.7 bn19.0—7.4%+21.2%−16% / −44%
DMLPDorchester Minerals, L.P.1.3 bn15.3—45.5%−5.4%+24% / −6%
DECDiversified Energy Company905.2 m16.011.0%4.9%+141.5%−15% / +1,373%
REPXRiley Exploration Permian, Inc.887.5 m8.616.8%17.3%−4.4%+46% / +62%
EGYVaalco Energy Inc565.9 m—-24.4%-31.1%−25.0%+50% / +16%
GPRKGeoPark LTD472.1 m9.622.1%10.1%−25.5%+12% / +1%
SDSandridge Energy, Inc.467.9 m5.716.2%46.1%+24.8%−11% / −9%
KRPKimbell Royalty Partners, LP403.4 m4.0—29.7%+7.9%+21% / −2%

1- and 3-year price returns: for WDS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
11.54
Total return -42% · Per year -42%
20.51
Total return 1% · Per year 1%
31.03
Total return 51% · Per year 51%
3 years
9.16
Total return -47% · Per year -19%
18.51
Total return 1% · Per year 0%
31.03
Total return 63% · Per year 18%
5 years
7.28
Total return -51% · Per year -13%
16.70
Total return 1% · Per year 0%
31.03
Total return 75% · Per year 12%
What moves the 3-year price the most
  • Exit P/E± 4.63
  • Net margin± 3.24
  • Annual revenue growth± 2.92
  • Annual dilution± 0.27

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 24 Feb 2026; since then the company filed 6-K (29 Oct 2026), 6-K (27 Oct 2026), 6-K (21 Oct 2026), 6-K (08 Oct 2026), 6-K (16 Sept 2026), 6-K (14 Sept 2026).

In brief

Woodside Energy Group Ltd is an Australian oil and natural gas producer with a major LNG business, operating in Australia, Senegal, Trinidad and Tobago, Mexico and the United States. In fiscal 2025 it reported operating revenue of 12984 million USD, and proved reserves stood at 1882.1 MMboe, making it a reference point for the Asia-Pacific energy market and beyond.

SWOT

Strengths

  • A large base of proved reserves and a production base diversified across several countries and hydrocarbon types.
  • A strong LNG presence, with long-term supply contracts providing part of revenue on a more predictable basis.
  • Decades of operating experience in Australia, where the company owns and runs its own infrastructure.

Weaknesses

  • Revenue is highly sensitive to oil and gas prices, which makes results fluctuate.
  • Natural decline of mature Australian fields reduces output and revenue without compensating new investment.
  • Cost overruns and delays on large projects remain a recurring execution risk.

Opportunities

  • New projects, such as those in Senegal and Mexico, could add volumes if delivered on schedule.
  • Demand for LNG in Asia and Europe could grow, especially if contracts are renewed over the long term.
  • Development of lower-emission projects could open new revenue streams and sources of financing.

Threats

  • Emissions reduction policies could restrict operations and increase compliance costs.
  • Geopolitical tensions and supply chain disruptions could cause outages or cost increases.
  • Competition from LNG producers in other regions could reduce market share.

Risks

  • Operational safetyhigh

    Process safety incidents or loss of containment could cause significant harm to people, the environment and finances.

  • Environmental and emissions riskhigh

    If emissions rules become stricter, compliance costs and operating restrictions could increase.

  • Physical climate riskmedium

    Storms, floods and other extreme weather events could interrupt production and affect planned reserves.

  • Dependence on joint venture partnersmedium

    If joint venture partners cannot meet their obligations, Woodside could lose control over major projects.

  • Asset impairment riskmedium

    If prices or development plans change, certain assets could be impaired, as happened with H2OK.

Investment thesis

What would need to be true (bull case)

  • If LNG prices remain firm, revenue from the international segment could keep growing as new projects enter production.
  • Proved reserves and investment decisions in Australia could support long-term output if execution remains disciplined.
  • A portfolio diversified across countries and products could cushion price shocks in any single region.

What would break the thesis

  • If oil prices stay below historical levels, revenue could fall again, as it did in 2025.
  • Natural decline in Australian fields could reduce output if new projects are delayed.
  • Regulatory and environmental pressure could limit access to new resources or raise operating costs.

What to watch

  • Trend in LNG revenue and realised pricesQ1 2027
  • Progress of new projects, notably Scarborough and Louisiana LNG2027
  • Emissions regulation and its impact on costs2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 24 Feb 2026; since then the company filed 6-K (29 Oct 2026), 6-K (27 Oct 2026), 6-K (21 Oct 2026), 6-K (08 Oct 2026), 6-K (16 Sept 2026), 6-K (14 Sept 2026).

The business

Production assets include Australian operations such as North West Shelf and Bass Strait, along with international projects in Senegal, Trinidad and Tobago, Mexico and the United States. Proved reserves are reported under SEC rules on a net Woodside share basis and include natural gas, NGLs and oil. The annual report notes that recent investment decisions, such as GWF4 and Turrum Phase 3, increased reserves.

Total production in 2025 was 211.4 MMboe, of which part was consumed as fuel in operations, while sales volumes also included LNG cargoes purchased from third parties. Geographic diversification and the mix of LNG, crude oil and pipeline gas are central to the business model.

Market context

Revenue depends directly on Brent and WTI oil prices, Asian and European LNG prices and Australian pipeline gas prices. In 2025 energy markets stabilised, with less oil price volatility, OPEC+ supply increases partly offset by Chinese stockpiling, and balanced gas markets in Europe and Asia.

Seasonal energy demand can influence realised prices in different markets, and geopolitical tensions remain a source of price risk. The company operates in a sector where demand and prices are shaped by climate policy and the global energy transition.

Trends

  • Stabilisation of energy marketstailwind

    Oil price volatility eased in 2025, which could support long-term investment planning if the trend holds.

  • Rising OPEC+ supplyheadwind

    Higher OPEC+ output limited oil prices, and pressure on oil revenue could continue if supply stays high.

  • Balanced global gas marketmixed

    Gas markets stayed balanced in 2025, with higher imports into Europe during winter, supporting LNG demand in some regions.

  • Climate policy and energy transitionmixed

    Emissions reduction rules could raise compliance costs and reduce long-term demand, but may also support gas as a transition fuel depending on national policies.

Competitive position

Woodside competes with other international oil and LNG producers for long-term delivery contracts and offshore projects. Its advantage lies in the scale of Australian operations and its reserve base, but competition for capital and access to resources remains intense.

The LNG market is contested by suppliers from the United States, Qatar and other countries, and offshore development costs shape competitive position. Cost differences and access to Asian and European markets are decisive factors.

  • ExxonMobilXOM

    US integrated oil and gas company competing with Woodside in LNG and offshore oil markets.

  • ChevronCVX

    US oil and gas producer active in LNG and offshore projects, relevant for portfolio comparison.

  • Shell

    International energy company with major LNG operations, present in markets where Woodside also competes.

  • Santos

    Australian gas and liquids producer, a direct domestic competitor in the Australian gas and LNG market.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Woodside Energy Group Ltd · 24 Feb 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.