Woodside Energy Group Ltd

Roughly 75% of LNG volumes are committed under long-term take-or-pay contracts with creditworthy Asian utilities, and 2P reserves of 2,999.5 MMboe provide multi-decade production visibility. Volumetric commitments are durable, but oil-indexed pricing caused revenue to swing from $16.8B in FY2022 to $13.0B in FY2025 as commodity prices declined.

LNG and natural gas dominate Woodside's production and revenue, with crude oil from Gulf of Mexico and offshore Mexico assets representing a secondary stream and no genuinely uncorrelated end markets. The asset portfolio across Pluto, the North West Shelf, Wheatstone, and Trion remains concentrated within the hydrocarbons commodity complex.

Australia accounts for the substantial majority of current production, with Pluto LNG, the North West Shelf, and Wheatstone all located in Western Australia. Louisiana LNG and Trion in Mexico will begin diversifying the production base from 2028 onward, but as of FY2025 the asset footprint remains heavily Australia-concentrated.

Unit production costs declined from $8.1/boe in FY2024 to $7.8/boe in FY2025, showing operational cost discipline, but growth requires proportional capex commitments: Scarborough totals $12.5 billion and Louisiana LNG $17.5 billion. The capital intensity of E&P development means incremental production is not asset-light by construction.

Woodside supplies LNG under long-term take-or-pay contracts to creditworthy Japanese, Korean, and Chinese utilities, making the underlying demand mission-critical to power generation. However, contract prices are oil-indexed (JCC) or Henry Hub-indexed rather than fixed, keeping revenue quality above typical spot-market E&P but below truly contractual subscription-like businesses.