“Woodside Energy (WDS) delivered a strong second quarter 2025 result, slightly exceeding production and revenue expectations while tightening full-year guidance and lowering opex and capex forecasts,” Raymond said.

“Production reached 50.1million barrels of oil equivalent (mmboe), aided by strong contributions from Bass Strait, Pluto, and Sangomar, while revenue of US$3.28 billion beat consensus, thanks to a better-than-expected realised price and favourable liquids mix.

“Capital discipline was evident with trimmed financial year 2025 capital expenditure (capex) and production cost guidance.

“Key projects like Scarborough, Trion, and Beaumont Ammonia are progressing well, and while management struck a more cautious tone on the Louisiana liquid natural gas project (LALNG) selldowns, the balance sheet remains strong post-Stonepeak contribution.

“Modest consensus upgrades are expected, with catalysts including the first half 2025 earnings on 19 August and potential LALNG selldown announcements.

“We reiterate our BUY rating on WDS as a high-quality large-cap resource stock this reporting season,” Raymond said.