The group’s agreement to raise production in June may further impact already falling oil prices. Other energy stocks are also likely to feel the heat.
Woodside Energy Group Limited (ASX: WDS)
Woodside Energy Group Limited (ASX: WDS) delivered strong financial results for 2024. WDS achieved a net profit after tax of US$3.6 billion. Despite a 13% decline in underlying NPAT due to lower oil and gas prices, the company maintained its dividend payout at the top end of the target range, distributing US$122 cents per share fully franked, totaling US$2.3 billion. Since the merger with BHP’s petroleum business in 2022 more than US$9.7B has been returned to shareholders. Highest production of 193.9 MMboe was achieved supported by high reliability at operated LNG assets and strong performance from Sangomar.
The Scarborough Energy Project reached 80% completion and is on track for first LNG cargo in 2026. Trion is over 20% complete and targeting first oil in 2028. The acquisition of Louisiana LNG and Beaumont New Ammonia improved long term profitability and cash generation. Louisiana LNG made a deal with BP to get natural gas and signed a contract to sell LNG to Uniper. Stonepeak acquired a 40% interest in the Louisiana LNG infrastructure, committing US$5.7 billion towards the project’s capital expenditure. Beaumont is 83% complete, targeting ammonia production in the second half of 2025.
WDS simplified its Australian portfolio through an asset swap, consolidating focus on operated LNG assets. More than 15 Mt of LNG were contracted to buyers in Asia, reflecting ongoing demand. LNG continues to support renewables by displacing higher emissions coal, meeting both energy security and decarbonisation needs.
Boss Energy Limited (ASX: BOE)
Boss Energy Ltd (ASX: BOE), on 13 May 2025 shared strong progress result across its operations. Production is ramping toward an annualised rate of 1.5 million pounds U3O8 at the Alta Mesa Uranium Project in Texas, operated by enCore Energy Corp. For the March 2025 quarter, 130,015 pounds of U3O8 were extracted at a cost of US$36.11 per pound. BOE received 29,126 pounds of uranium as its 30% share. enCore delivered 290,000 pounds of U3O8 into sales contracts at an average price of US$62.89 per pound. BOE remains financially strong and holding $229M in cash and liquid assets. Its flagship Honeymoon Project has become free cash flow positive in its 1st year and is on way to meet FY25 production guidance of 850,000 pounds.
The company is investing in infrastructure such as columns 4 to 6 and advancing wellfield development. Updated mineral resource estimates for the Gould’s Dam and Jasons satellite deposits are expected in Q3 FY25. Exploration activity is active around Honeymoon and at the Cummins Dam prospect.
BOE operates in uranium friendly jurisdictions across Australia, the United States and Kazakhstan. The Churchrock-Crownpoint, La Sal and La Jara Mesa projects in the U.S and a large greenfield opportunity in Kazakhstan, form part of its portfolio. Uranium remains exempt from U.S. tariffs and demand is rising due to 65 reactors under construction globally.
(Source: Company Announcements)
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