Woodside Energy: LNG Producer, Scarborough & Louisiana 2026

Woodside Energy delivered record annual production of 198.8 million barrels of oil equivalent (MMboe) in 2025, posted a net profit after tax of $2.7 billion, and reached 94% completion on the Scarborough Energy Project — its most consequential LNG growth asset — ahead of a first cargo target in Q4 2026. The company also took a final investment decision on the Louisiana LNG Project in 2025, committing up to $9.9 billion of its own capital against a total project cost of $17.5 billion.

Woodside Energy: Company Overview

Woodside Energy Group Ltd is an Australian independent energy company headquartered in Perth, Western Australia. The company has operated in Australia’s upstream oil and gas sector for more than 40 years, supplying its first LNG cargo to Japan in 1989. Today it operates across Australia, Senegal, Mexico and the United States, with a portfolio weighted heavily toward liquefied natural gas.

Woodside trades on the Australian Securities Exchange (ASX) and the New York Stock Exchange (NYSE). In 2022 it completed a merger with BHP’s petroleum business, significantly expanding its production base and international footprint. The company reported EBITDA of $9.3 billion in 2025 and free cash flow of $1.9 billion, funding $2.1 billion in dividends at 112 US cents per share fully franked.

Liz Westcott was appointed CEO and Managing Director in March 2026, succeeding Meg O’Neill who departed to lead BP. Westcott had served as Acting CEO through the transition period and brings substantial operational experience across Woodside’s LNG assets.

Woodside Energy LNG Assets: Pluto, NWS and Wheatstone

Woodside’s operated LNG portfolio centres on two facilities on the Pilbara coast of Western Australia. Pluto LNG, near Karratha, processes gas through one onshore train. In 2025, Pluto LNG achieved reliability of 96.3% and processed approximately 2.8 million tonnes of LNG. The North West Shelf (NWS) Project, also at Karratha, comprises five LNG processing trains and two domestic gas trains, with a permitted capacity of 27.6 Mtpa across its joint venture participants. Following the completion of LNG Train 2 decommissioning works, KGP capacity is now 14.3 Mtpa.

Woodside also holds a non-operated interest in the Wheatstone LNG facility near Onslow, operated by Chevron, which processes gas from the Julimar-Brunello fields through two onshore LNG trains. These three operated and non-operated Australian assets give Woodside its core LNG production base and underpin its long-term sale and purchase agreements. The company held over 100 Mtpa of long-term LNG sale and purchase agreements in 2025, up from 81 Mtpa in 2024, supported by six new long-term contracts signed during the year.

For a wider ranking of global LNG infrastructure, see the Top 10 LNG Terminals in the World 2026.

Scarborough and Pluto Train 2: First LNG Cargo Q4 2026

The Scarborough Energy Project is Woodside’s most significant near-term production growth driver. The offshore development will supply gas to a new second processing train at Pluto LNG (Pluto Train 2) and will also utilise capacity at the existing Pluto Train 1. At full production, Scarborough is expected to deliver approximately 5 Mtpa of LNG from Pluto Train 2 and up to 3 Mtpa from Pluto Train 1.

As of the 2025 annual report, the Scarborough FPU and Pluto Train 2 reached 94% completion (excluding Train 1 modifications). The floating production unit assembly achieved a major milestone in 2025, and the trunkline connection to the Pluto Train 2 pipeline was completed. Woodside is targeting the first LNG cargo from Scarborough in Q4 2026, which will mark a significant step-change in the company’s production capacity. Total project estimated cost for Scarborough is $12.5 billion, with Woodside’s share approximately $8.2 billion.

The Scarborough reservoir contains less than 0.1% CO₂, which Woodside highlights as a structural emissions advantage relative to other Australian gas developments. Woodside is also exploring options to reduce greenhouse gas emissions at Pluto LNG through imported renewable power.

Louisiana LNG: First Cargo Targeted 2029

In 2025, Woodside took a final investment decision on the Louisiana LNG Project, a US Gulf Coast LNG export facility with a combined capacity of 16.5 Mtpa. The total project cost is $17.5 billion, with Woodside’s expected capital exposure approximately $9.9 billion after partial sell-downs.

Woodside sold a 40% interest in Louisiana LNG Infrastructure LLC to Stonepeak and a 10% non-operating interest in Louisiana LNG LLC to Williams Companies, reducing its capital intensity while retaining majority control. Woodside’s total expected exposure is below 60% of project capital expenditure. The project is targeting first LNG cargo in 2029, positioning Woodside to serve customers in both the Pacific and Atlantic basins from a single company portfolio.

Louisiana LNG is expected to compete directly with established US Gulf Coast export projects. Woodside has also secured proportionate benefit from a 1.0 Mtpa LNG sale and purchase agreement connected to the project. For context on the broader LNG storage landscape, see the Top 10 LNG Storage Companies 2026.

Sangomar, Trion and Beaumont New Ammonia

Beyond LNG, Woodside’s 2025 results were driven by the Sangomar Project in Senegal, which entered operations and delivered $1.9 billion in revenue in its first 18 months, operating at nameplate capacity for most of the year with reliability of 98.7%. Sangomar was the primary driver behind Woodside’s record 2025 production figure.

In Mexico, the Trion Project reached 50% completion in 2025 with first oil targeted for 2028. Woodside’s share of total project cost is approximately $4.8 billion of a $7.2 billion total. Trion is a deepwater project in the Gulf of Mexico, operated jointly with Pemex.

The Beaumont New Ammonia Project in Texas commenced production in December 2025. The 1.1 Mtpa synthesis plant is targeting lower-carbon ammonia production in the second half of 2026, subject to the availability of qualifying hydrogen feedstock. Beaumont positions Woodside in the emerging lower-carbon ammonia trade, with particular relevance to Asian markets facing carbon border adjustment mechanisms.

Woodside Energy in the Global Market

Woodside’s production base and growth pipeline place it among the largest independent LNG producers globally. Its operated LNG assets — Pluto and NWS — achieved combined reliability of approximately 98% in 2025, benchmarked as world-class performance. Unit production costs of $7.8 per boe in 2025 reflect operational efficiency gains achieved in part through the Pluto-KGP interconnector, which allows flexible gas processing across assets.

The company’s strategy is explicitly weighted toward LNG as a bridging fuel through the energy transition. Wood Mackenzie projections cited by Woodside point to global LNG demand growth of 60% (250 Mtpa) to 2050, with supply needing to increase by 216 Mtpa over the same period. Woodside’s three-project development pipeline — Scarborough, Louisiana LNG, and Trion — is sized to capitalise on this structural demand growth across Pacific and Atlantic markets.

Peers including Shell and TotalEnergies are pursuing comparable LNG expansion strategies, though Woodside’s position as an ASX-listed independent with a concentrated Australian asset base gives it different capital allocation dynamics to the European integrated majors.

Woodside’s 2026 Annual Report and investor briefings are available at woodside.com/investors.

Woodside Energy Company Snapshot