Woodside Energy (ASX: WDS) Stock Today – Share Price, Dividend Yield, Strike Risk and LNG Growth Outlook to 2032

As at 4 December 2025

Woodside Energy Group Ltd (ASX: WDS, NYSE: WDS) heads into December trading around A$25.5 per share, putting Australia’s largest listed oil and gas producer at roughly A$50 billion in market value. ^[1]

Investors today are weighing three big forces pulling on the share price at once:

A rich 6–7% dividend yield
A multi‑billion‑dollar LNG and ammonia megaproject pipeline that could lift output by 50% by 2032
Rising labour and climate risks, including a strike ballot at its Pluto LNG 2 expansion that had to be completed by 4 December. ^[2]

Here’s how the latest news, forecasts and analysis on 4 December 2025 fit together.

Woodside share price on 4 December 2025

Real‑time ASX data compiled by Intelligent Investor shows Woodside trading at A$25.52, up around 0.45% on the day. The stock has ranged between A$18.61 and A$27.30 over the last 52 weeks. ^[3]

Year to date, WDS is up roughly 3%, having started 2025 at about A$24.66, after a tough 2024 in which the share price fell more than 20%. ^[4]

From a technical perspective, StockInvest’s model pegs a “fair” opening price for 4 December at A$25.39, almost exactly where the stock has been trading, reinforcing the sense that WDS is currently in a consolidation zone rather than a breakout or collapse. ^[5]

Q3 2025: solid volumes, softer prices, upgraded guidance

Woodside’s latest detailed financial snapshot is its Q3 2025 report, released in late October. ^[6] Key takeaways:

Production: 50.8 million barrels of oil equivalent (MMboe) in Q3
- Up 1% on Q2 2025
- Down about 4% year‑on‑year from 53.1 MMboe
Sales & revenue: 55.0 MMboe sold, with quarterly revenue of US$3.36 billion, about 9% lower than the same quarter in 2024 as commodity prices eased. ^[7]
Costs & guidance:
- Full‑year 2025 production guidance was raised from 188–195 MMboe to 192–197 MMboe.
- Unit production cost guidance was trimmed to US$7.6–8.1/boe from US$8.0–8.5/boe, helped by new projects and cost control. ^[8]
Average realised price: about US$60 per barrel of oil equivalent in the quarter. ^[9]

The real star of the quarter was Sangomar, Woodside’s offshore oil project in Senegal, which delivered 99,000 barrels per day (82,000 bbl/d net to Woodside) and generated US$477 million of revenue in the period. ^[10]

In short, volumes are doing their job; the drag has been weaker LNG and oil pricing versus last year.

Mega‑project pipeline: Scarborough, Pluto Train 2, Beaumont ammonia and Louisiana LNG

The crux of the Woodside investment story now is the next wave of projects slated to ramp up between 2025 and 2030.

Scarborough & Pluto Train 2 – the LNG flagship

The Scarborough Energy Project, offshore Western Australia, is Woodside’s defining bet on global LNG demand:

Scarborough gas field development plus
New Pluto Train 2 liquefaction train
Modifications to the existing Pluto Train 1 and
A new Integrated Remote Operations Centre (IROC) in Perth to run these assets from 1,500 km away. ^[11]

In its Q3 report, Woodside said Scarborough (excluding some Pluto Train 1 modifications) was 91% complete and on track for first LNG cargo in the second half of 2026. ^[12]

Other commentators, including a 4 December feature on the Scarborough project, cite a completion figure around two‑thirds and emphasise the planned 9 million tonnes per annum (Mtpa) of LNG output. The difference reflects slightly different definitions of what’s counted as “complete,” but the direction is the same: the heavy lifting is mostly done and 2026 start‑up remains the official line. ^[13]

Beaumont New Ammonia (USA)

In Texas, Woodside’s Beaumont New Ammonia Project is about 97% complete, with Phase 1 conventional ammonia production expected to start in late 2025 and lower‑carbon ammonia in the second half of 2026. ^[14]

Woodside acquired Beaumont for US$2.35 billion and is positioning it as both a decarbonisation lever and a cash‑flow asset in its own right, thanks to its 1.1 Mtpa capacity with carbon capture and storage. ^[15]

Louisiana LNG and US LNG marketing

On the US Gulf Coast, Woodside is developing a three‑train Louisiana LNG project, which stood at about 19% complete in Q3. Train 1, roughly 25% complete, is targeting first LNG in 2029. ^[16]

This week’s news flow has highlighted two important developments:

Woodside–Williams partnership: an M&A announcement on 3 December described Woodside’s partnership with pipeline operator Williams to advance the Louisiana LNG hub, pitched squarely at European buyers trying to move away from Russian gas. ^[17]
Saudi Aramco LNG deals: reporting in late November indicated Saudi Aramco is preparing to sign around 4 Mtpa of US LNG offtake agreements, including supply from a Woodside‑linked project, further underpinning demand for Gulf Coast volumes. ^[18]

Together, these moves bolster the case that Woodside’s US LNG assets will plug into deep, long‑term demand rather than hunt for buyers on the spot market.

Trion (Mexico) and other growth projects

The Trion oil project in the Gulf of Mexico was about 43% complete as of Q3 and still pointing to first oil in 2028. ^[19]

Meanwhile, the Louisiana, Trion, Scarborough and Beaumont projects collectively underpin Woodside’s projection – outlined at its November 2025 Capital Markets Day – that total sales volumes can grow by about 50% by 2032, to roughly 300 million barrels of oil equivalent per year, from about 203.5 MMboe in 2024. ^[20]

It’s this growth promise that sits on one side of the scales for long‑term investors.

Pluto LNG 2 strike ballot: short‑term headline, long‑term risk

The other side of the scales this week is labour unrest.

On 24 November, Australia’s Fair Work Commission approved a request by the Offshore Alliance – a coalition of the Maritime Union of Australia and the Australian Workers Union – to hold a strike ballot for workers on the Pluto LNG 2 expansion, built by contractor Bechtel. ^[21]

Key details:

The ballot must be held by 4 December 2025.
If workers vote in favour, strike action could occur before year‑end, potentially slowing work on Pluto 2 and the broader Scarborough schedule. ^[22]
The union says Pluto 2 workers are being paid roughly 30% less than equivalent workers on Chevron’s Wheatstone project, once inflation is factored in, and is demanding a similar uplift. ^[23]

It’s important to note:

The dispute is formally with Bechtel, not Woodside.
Pluto Train 2 is under construction, so any strike would affect future capacity, not current LNG exports from existing trains.

Still, analysts and specialist sites like GuruFocus have noted that prolonged industrial action could delay first gas from Pluto 2, pushing out Scarborough cash flows and dampening confidence in Woodside’s 2026–27 earnings ramp‑up. ^[24]

For now, the market seems to be treating it as a manageable schedule risk rather than an existential threat – but it is clearly one of the main short‑term catalysts for the stock.

Climate and ESG pressure: Scarborough in the firing line

While Woodside pitches gas as a “transition fuel,” the climate risk narrative around the company intensified in 2025, focused heavily on Scarborough.

A study associated with the University of Melbourne applied standard climate‑health modelling to Scarborough’s projected emissions and concluded that the project’s contribution to global warming could lead to around 484 additional heat‑related deaths over its lifetime if climate policies don’t tighten further. ^[25]

At the same time:

The North West Shelf (NWS) Project Extension, which lets gas processing continue using existing infrastructure beyond 2030, received federal environmental approval in September 2025, having already secured state approval after years of assessment. ^[26]

That combination – harsh environmental criticism, but ongoing regulatory approvals – sums up Woodside’s ESG position:

It has strong political and industrial support as a provider of energy security and export revenue, especially to Asia and, increasingly, Europe. ^[27]
It is simultaneously a lightning rod for climate activists, who see Scarborough in particular as incompatible with a Paris‑aligned pathway. ^[28]

This tension will likely remain a structural overhang on the valuation multiple investors are prepared to pay for WDS.

Dividends and balance sheet: a 6–7% fully‑franked yield

Income investors are paying very close attention because Woodside currently offers one of the ASX’s fattest blue‑chip yields.

According to Market Index:

Trailing 12‑month dividends per share (DPS): A$1.6668
Payout ratio: ~62%, which is moderate for a mature resource producer. ^[29]

Woodside’s own records show an interim 2025 dividend of 53 US cents per share (about 81.8 Australian cents), fully franked and paid on 24 September 2025. ^[30]

At today’s share price around A$25.52, that DPS equates to a trailing gross yield of roughly 6.5%, lining up with recent coverage from The Motley Fool that pegs Woodside’s yield at about 6.56%. ^[31]

For investors, the key questions are:

Can Woodside maintain or grow that dividend while funding Scarborough, Beaumont, Louisiana LNG and Trion?
How sensitive is the dividend to LNG and oil prices if the next few years are weaker than 2022–23?

So far, management has signalled a commitment to “strong shareholder returns” but not at the expense of project completion, implying that dividends could move with the cycle rather than climb in a straight line. ^[32]

Analyst forecasts and valuation: modest upside, modest growth

Different analyst platforms paint a broadly consistent picture: some upside, but not explosive growth.

Price targets

Data aggregated by Fintel shows:

Average 12‑month price target: A$27.22
Range: A$22.72 (bearish) to A$35.18 (bullish). ^[33]

From today’s A$25.5 share price, that average target implies mid‑single‑digit upside plus the 6–7% dividend – attractive but not obviously screamingly cheap.

Motley Fool’s late‑November assessment of whether Woodside is a buy right now highlights this mixed picture: consensus ratings skew towards “hold”, with a spread of buy, hold and sell recommendations and only moderate expected capital gains. ^[34]

Earnings and revenue forecasts

Simply Wall St’s compilation of analyst estimates suggests: ^[35]

Revenue growth of only about 0.7% per year over the next few years
Earnings forecast to decline by around 5.2% per year, largely because current profits are elevated versus “normal” conditions
A future return on equity (ROE) estimate of around 5.2%, implying a relatively low‑growth, cash‑generative profile once the project wave stabilises

Crucially, those numbers assume:

LNG prices normalise rather than revisit their post‑Ukraine peaks
Scarborough, Trion and Louisiana LNG ramp roughly on schedule

If commodity prices outperform or the projects deliver better‑than‑expected returns, those forecasts could prove conservative. Conversely, delays, strikes or cost overruns could push them lower.

How independent analysts are framing Woodside in December 2025

Several in‑depth pieces published in the last few days help explain how the market is thinking about Woodside right now.

A 4 December StocksDownUnder deep dive frames Woodside as a company “doubling down” on gas, not pivoting away from fossil fuels, with Scarborough expected to produce 9 Mtpa of LNG and total production potentially exceeding 500,000 boe/d once key projects ramp. It puts Woodside’s current yield at about 7.3% and stresses the company’s belief that LNG demand in Asia will continue to grow robustly into the 2030s. ^[36]
A 2 December TechStock² (ts2.tech) article describes WDS as sitting at “the crossroads” of LNG megaprojects, labour disputes and ambitious 2032 growth targets, echoing the 50% volume growth guidance and highlighting strike‑related risks to Pluto 2. Reuters+3Ts2 Tech+3Ts2 Tech+3
Income‑focused coverage, including The Motley Fool’s 3 December piece on Woodside’s 6.56% dividend yield, argues that such a high yield from a mega‑cap usually comes with project and commodity risk attached, urging investors not to treat WDS as a bond substitute. ^[37]

Broadly, the independent commentary circles the same themes:

High current income + big LNG growth wave – elevated execution and climate risk = “show‑me” stock.

Key catalysts to watch after 4 December 2025

For anyone following Woodside from today, the main upcoming triggers are:

Pluto LNG 2 strike ballot outcome
- Whether workers authorise industrial action and, if so, whether Bechtel and unions strike a deal before any work stoppage meaningfully delays the project. ^[38]
Scarborough and Beaumont milestones
- Confirmation that Scarborough remains on track for 2H 2026 first gas, and whether Beaumont ammonia starts up smoothly in late 2025. ^[39]
Louisiana LNG and US offtake deals
- Further details on the Woodside–Williams partnership and finalisation of Saudi Aramco’s US LNG supply agreements, which would de‑risk volumes from the Gulf Coast. ^[40]
Commodity prices & macro backdrop
- Oil and LNG prices will continue to dominate short‑term earnings and sentiment, especially if global growth surprises on the upside or downside.
Regulatory and climate developments
- Any court challenges or new environmental conditions on Scarborough, NWS or Louisiana, especially in light of the health‑impact study and intensifying climate politics. ^[41]

Woodside Energy stock in one sentence

As of 4 December 2025, Woodside (ASX: WDS) looks like a high‑yield LNG giant in mid‑transition: priced for modest growth, supported by a hefty fully‑franked dividend and a nearly complete wave of megaprojects, but shadowed by labour disputes, climate pressure and the ever‑present uncertainty of global energy prices.

References

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