Woodside Energy Group (ASX: WDS) has reported record annual production of 193.9 million barrels of oil equivalent (MMboe) for 2024, driven by strong LNG reliability and the ramp-up of the Sangomar oil project in Senegal. The company recorded a net profit after tax (NPAT) of $3.6 billion, a 115% increase from the previous year, though underlying NPAT fell 13% to $2.88 billion due to lower realised oil and gas prices.
Woodside declared a final fully franked dividend of 53 US cents per share, bringing the total 2024 dividend to 122 US cents per share, equating to an 80% payout ratio. The company’s operating cash flow remained strong at $5.8 billion, with a cash margin of 82%, reflecting cost discipline amid inflationary pressures.
The Sangomar oilfield ramped up to full capacity within nine weeks of its June 2024 startup, delivering 12.9 million barrels of oil equivalent in sales and $950 million in revenue. Woodside also made significant progress on its Scarborough LNG project, which is now 80% complete and on track for its first LNG cargo in 2026.
In the US, Woodside expanded its portfolio with the acquisition of Louisiana LNG, a fully permitted 27.6 Mtpa LNG project, and the Beaumont New Ammonia project, which is 83% complete and set to begin low-carbon ammonia production in 2026.
Woodside signed three long-term LNG supply agreements with customers in Japan, Korea, and Taiwan in 2024, reinforcing the continued demand for LNG in Asia. The company also completed a $2.3 billion sell-down of its Scarborough joint venture, strengthening its balance sheet.
CEO Meg O’Neill highlighted that Woodside is entering 2025 with a strong balance sheet, high-performing operations, and a pipeline of growth projects that position it for long-term shareholder returns.
Woodside Energy is one of Australia’s largest oil and gas producers, specialising in LNG, oil, and new energy projects. The company operates major assets including Pluto LNG, North West Shelf, Sangomar, and the Scarborough Energy Project, while also expanding into low-carbon ammonia and hydrogen ventures.
