LNG-heavy portfolio: North West Shelf, Pluto, Scarborough (start ~2026), Sangomar Senegal (2024), US Gulf of Mexico (Shenzi/Mad Dog via the 2022 BHP Petroleum merger), Louisiana LNG (Driftwood) FID 2025, Trinidad, Beaumont ammonia.
Strong investment-grade balance sheet with modest gearing; high dividend payout (~80% of underlying NPAT) alongside peak funding for Scarborough and Louisiana LNG. Flags: elevated multi-year capex, Australian domestic-gas/ESG regulation, single-country LNG concentration, LNG-price/oil-linkage sensitivity.
Its EV/EBITDA of 5.1x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.4% is lower than the 6.5% median, and at $24.95/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Woodside Energy scores 55/100, strongest on safety (70/100). Sub-scores: value 49, quality 47, growth 66, risk 30 (higher = riskier).
Woodside Energy holds approximately 1.88 billion boe of proved (1P) reserves with FY2025 production of about 545 thousand boe/d (29% liquids), a reserve life of roughly 9.5 years. Break-even: ~$40 (Brent FCF breakeven) — Approximate free-cash-flow breakeven covering sustaining capital and base dividend; growth capex (Scarborough, Louisiana LNG) funded above this level.
Using Woodside Energy's SEC-disclosed after-tax standardized measure of proved reserves ($24.0bn) less net debt ($8.0bn) gives an equity-NAV floor of about $16.0bn — the current market capitalisation sits +143% versus that floor. Disclosed pre-tax PV-10: —. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Proved-only; excludes Louisiana LNG (Driftwood) and downstream/ammonia value.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Australia | 70% | 10 | Stable; rising carbon/PRRT tax scrutiny and approvals delays. |
| Senegal | 13% | 82 | Hidden-debt revision, fiscal renegotiation, new producer. |
| United States | 12% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Trinidad & Tobago | 5% | 44 | Mature gas, declining reserves, cross-border Venezuela deals. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| North West Shelf | Australia | LNG | legacy foundation LNG hub |
| Pluto LNG | Australia | LNG | backfilled by Scarborough |
| Scarborough | Australia | Gas/LNG | backfills Pluto Train 2, ~2026 |
| Sangomar | Senegal | Offshore oil | first oil 2024 |
| US Gulf of Mexico | United States | Deepwater oil | Shenzi/Mad Dog (ex-BHP) |
| Louisiana LNG (Driftwood) | United States | LNG | FID 2025 |
| Trinidad | Trinidad & Tobago | Gas | gas supply |
| Wheatstone | Australia | LNG | minority |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 247 | 440 | 513 | 530 | 545 |
| Proved reserves (bnboe) | 2.20 | 2.30 | 2.40 | 2.35 | 1.88 |
| Revenue ($bn) | 7.0 | 16.8 | 14.0 | 13.2 | 13.0 |
| EBITDA ($bn) | 3.9 | 10.0 | 8.5 | 7.6 | 9.3 |
| Net income ($bn) | 2.0 | 6.5 | 1.7 | 3.6 | 2.6 |
| Free cash flow ($bn) | 0.9 | 6.5 | 1.4 | 0.9 | 2.5 |
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✓ FY2025 figures verified against primary sources: