Woodside Energy Group Ltd (ASX: WDS, NYSE: WDS) shares are trading slightly lower today as investors juggle two big pieces of news: fresh labour tensions at the Pluto LNG 2 project and a long-awaited breakthrough on the Greater Sunrise gas fields with Timor-Leste.
As of late morning in Sydney, Woodside’s ASX-listed shares were trading around A$24.96, down about 0.6% for the day. StockAnalysis In New York overnight, the WDS American Depositary Receipts (ADRs) closed at US$16.25, a modest 0.25% decline on Tuesday’s session. StockAnalysis+1
WDS stock price today: where Woodside sits in its trading range
On current prices, Woodside’s ADRs are trading in the upper half of their 52‑week range of roughly US$11.26 to US$17.70, while the ASX line has oscillated between about A$18.61 and A$27.30 over the past year. Market Index+3Digrin+3MarketWatch+3
That leaves the stock:
- Not far below its recent highs around US$17 on the NYSE, hit earlier in November, StockAnalysis+1
- But still well clear of the lows seen late last year and early in 2025. Digrin+1
Woodside’s current valuation implies a market capitalisation of about US$30–31 billion (around A$47–48 billion at prevailing exchange rates). StockAnalysis+3StockAnalysis+3Robinhood+3
For context, the ADRs have been broadly flat over the past month, after a strong rebound from October levels near US$15, while ASX investors have seen the stock give back part of its mid‑year rally. Intelligent Investor+4StockAnalysis+4Yahoo…
Today’s main drivers: Pluto LNG 2 strike risk vs Greater Sunrise upside
1. Pluto LNG 2: labour dispute introduces short‑term project risk
The big near‑term overhang is the potential for industrial action at the Pluto LNG 2 expansion in Western Australia.
Australia’s Fair Work Commission has approved a union request for a strike ballot at the project, with the vote required to take place by 4 December 2025. Reuters+1
Key points from recent reporting:
- The dispute centres on pay and conditions for workers employed by contractor Bechtel, which is building Pluto LNG 2.
- Union groups say Pluto 2 workers are paid roughly 30% less per hour than staff performing similar roles at Chevron’s Wheatstone LNG project, after adjusting for inflation. Reuters+2OilPrice.com+2
- If workers vote in favour, strikes could begin before year‑end, potentially slowing final construction. Pluto 2 is reportedly over 90% complete and designed to add around 5 million tonnes per annum (mtpa) of LNG capacity. OilPrice.com+2IndexBox+2
Pluto 2 is central to Woodside’s strategy because it processes gas from the Scarborough field and underpins some of the company’s forecast LNG growth in the early 2030s. Any delay would not derail the investment case on its own, but markets typically mark down mega‑projects when schedule or cost risk rises, which helps explain some of today’s selling pressure.
2. Greater Sunrise: a long‑stalled LNG project finally moves
Balancing that near‑term negative is genuinely positive strategic news from the Timor Sea.
Woodside and Timor‑Leste have signed a new cooperation agreement aimed at progressing a Timor‑based LNG development using gas from the Greater Sunrise fields, after years of disagreement over where the gas should be processed. Woodside+5Reuters+5Reuters+5
According to joint statements and media reports:
- The parties will study a ~5 mtpa LNG project on Timor‑Leste’s south coast, along with domestic gas usage and a helium extraction plant. Reuters+2The Australian+2
- The new framework targets first LNG between 2032 and 2035, marking the first time a concrete start‑up window has been publicly agreed. Reuters+1
- The agreement still depends on complex commercial, fiscal, legal and technical work — including building a pipeline across the deep Timor Trough — but it unlocks an option many investors had largely written off. Reuters+2The Australian+2
For WDS stock, Greater Sunrise is best thought of as long‑dated optionality rather than a near‑term earnings driver. However, in a market that increasingly values secure LNG supply into the 2030s, simply moving the project out of limbo is a medium‑term positive for sentiment.
Recent results: solid operations, softer profits
Woodside’s share price today is also being read against a backdrop of mixed 2025 financials.
Q3 2025: higher guidance, lower revenue
In its third‑quarter 2025 report, Woodside delivered: Reuters+3Woodside+3Yahoo Finance+3
- Production of 50.8 million barrels of oil equivalent (MMboe) – up 1% on Q2 but about 4% below the same quarter a year ago.
- Quarterly revenue of US$3.36 billion, down roughly 9% year‑on‑year amid softer commodity prices.
- A raised 2025 production guidance range of 192–197 MMboe, up from 188–195 MMboe, thanks largely to strong performance at the Sangomar oil project in Senegal.
The message: operations are generally running well, but lower realized prices and project‑related amortisation have kept topline and headline profit under pressure.
First‑half 2025: profit down, but growth projects ramping
Back in August, Woodside reported that first‑half 2025 net profit after tax fell about 24% to US$1.25 billion, mainly due to lower oil and gas prices and higher depreciation from Sangomar. Revenue, however, rose around 10% to US$6.59 billion, helped by new production. Reuters+2Reuters+2
The company also trimmed its interim dividend from 69 US cents to 53 US cents per share, a reminder that even high‑yield energy stocks are not immune to earnings cyclicality. Reuters+1
Earlier this year, Woodside’s annual underlying profit also came in at a three‑year low as weaker commodity prices offset resilient volumes, although overall net profit was boosted by one‑off gains. Reuters
Strategy update: leaning into LNG and global diversification
At its 2025 Capital Markets Day, Woodside laid out an aggressive LNG‑led growth plan designed to ride what it sees as decades of demand for “affordable, reliable, lower‑carbon energy”. Reuters+4Business Wire+4Woodside+4
Highlights from the company’s strategy and recent deals include:
- A target to increase LNG capacity from ~19 mtpa today to around 40 mtpa by 2032, driven by projects such as Pluto 2/Scarborough, Louisiana LNG in the U.S. and potential developments in Mexico and Timor‑Leste. Reuters+3StockAnalysis+3OilPrice.com+3
- Expectations that operating cash flow could grow from about US$5 billion in 2024 to roughly US$9 billion by 2032, assuming successful project delivery. The Australian+1
- A series of portfolio moves to de‑risk mega‑projects, including:
- Sale of a 40% stake in Louisiana LNG to infrastructure investor Stonepeak, bringing in roughly US$5.7 billion. Stock Titan+2Reuters+2
- A more recent deal with Williams valued at about US$1.9 billion for a major pipeline stake and additional interest in the Louisiana LNG value chain. StockAnalysis+2The Australian+2
- A nine‑year LNG supply agreement with Turkey’s state‑owned BOTAS, starting in 2030 and anchored by the Louisiana project, which helps underpin future offtake. Reuters
At the same time, Woodside has openly warned that Australia is becoming a harder place to invest, citing complex regulation, gas price caps and lengthy environmental approvals that have delayed domestic mega‑projects such as Browse and the North West Shelf life extension. Reuters+3The Australian+3The Australian+3
That tension — between global growth opportunities and domestic policy friction — is a key theme for long‑term WDS holders.
Valuation and dividend: high income, discounted multiple
For yield‑focused investors, Woodside’s dividend profile remains a central part of the WDS stock story.
Dividend and payout
On current pricing:
- The ADRs offer a forward dividend yield of roughly 6–6.5%, based on an annualised payout of about US$1.02–1.06 per share. MacroTrends+3StockAnalysis+3Dividend.com+3
- Dividends are typically paid twice a year and have been maintained in some form for over two decades, though the size of each payment fluctuates with earnings. StockAnalysis+2Digrin+2
- Woodside’s policy is to distribute 50–80% of underlying net profit after tax, giving the board flexibility to dial the payout up or down as conditions change. Woodside
Investors should note that the 2025 interim dividend was reduced, and analysts expect future payouts to continue tracking commodity prices and project ramp‑up rather than providing a perfectly smooth income stream. Reuters+2Reuters+2
Earnings multiple and peer comparisons
On the valuation side:
- WDS currently trades on a trailing P/E ratio of about 10–11x, with a forward P/E in the mid‑teens based on consensus forecasts. StockAnalysis+2Wisesheets+2
- That is significantly below the average P/E for many global energy peers, which some analysts estimate in the mid‑20s, and also below an estimated “fair” P/E of roughly 15x based on growth projections. Simply Wall St+2StockAnalysis+2
This has led several research houses and independent commentators to describe Woodside as an undervalued LNG powerhouse with meaningful upside if its growth projects deliver and LNG demand tracks bullish long‑term forecasts. The Motley Fool Australia+4Seeking Alpha+4…
However, not everyone is on the same page. MarketBeat recently flagged a downgrade from “hold” to “sell” by one research outlet, while collating a broader mix of ratings that nets out to a “moderate buy” consensus. MarketBeat+2Barron’s+2
Key risks to watch for WDS stock
Looking beyond today’s modest price move, several risk factors are front of mind for WDS investors:
- Execution risk at mega‑projects
- Pluto LNG 2 labour action could delay first cargoes, currently targeted for the second half of 2026. Yahoo Finance+3Reuters+3OilPrice.com+3
- Cost overruns or further delays at Scarborough, Louisiana LNG or Greater Sunrise would pressure returns on capital. Reuters+4Reuters+4Stock Titan+4
- Commodity price volatility
Woodside’s earnings remain highly sensitive to oil and gas prices. The first‑half profit decline in 2025, despite revenue growth, was a clear reminder of how lower realized prices and higher depreciation can quickly compress margins. Reuters+2Reuters+2 - Regulatory and ESG headwinds
- Domestically, approvals for projects like Browse and the North West Shelf extension to 2070 have become lightning rods for climate and cultural heritage debates, raising the risk of delays or restrictions. Reuters+3Wikipedia+3The Australian+3
- Globally, shifts in climate policy, carbon pricing or LNG demand assumptions could alter the economics of Woodside’s long‑dated projects. Wikipedia+2Reuters+2
- Balance sheet and capital allocation
While recent asset sales have reduced funding pressure, Woodside still faces a multi‑year capex wave. Maintaining the dividend, funding growth and preserving credit metrics will require disciplined capital allocation if market conditions soften. Market Chameleon+4Stock Titan+4Reuters+4
What today’s move could mean for WDS investors
So, how should investors interpret WDS stock on November 26, 2025?
- Short term, the market appears to be nudging the price lower to account for Pluto 2 strike risk and softer near‑term profit trends, while recognising the positive strategic implications of the Greater Sunrise deal. StockAnalysis+5Reuters+5Reuters+5
- Medium term, Woodside remains a high‑yield, LNG‑leveraged energy stock with a sizeable pipeline of growth projects and attractive valuation metrics compared to many global peers — but also with above‑average project, regulatory and ESG complexity. Seeking Alpha+6StockAnalysis+6Simply Wall …
For investors already holding the stock, the next few weeks will likely hinge on:
- The outcome of the Pluto 2 strike ballot (due by early December),
- Any further detail on Greater Sunrise fiscal and legal frameworks,
- Updates on Louisiana LNG partnerings and offtake, and
- Broader oil and gas price moves heading into 2026. StockAnalysis+5Reuters+5Reuters+5
For potential new investors, WDS today represents a classic high‑yield, high‑project‑risk energy play. The combination of a ~6–7% dividend yield, discounted earnings multiple and large LNG growth pipeline will appeal to some — but it’s crucial to weigh those attractions against labour, regulatory and commodity‑cycle risks, and to consider your own risk tolerance, time horizon and diversification needs.
This article is for information only and is not personal financial advice. Anyone considering an investment in WDS or other energy stocks should do their own research and, where appropriate, speak with a licensed financial adviser.
