FEAR & GREED | Business News Q+A: Woodside CEO on govt frustration, Russian oil & Santos
Aug 20, 2025
In this discussion, Meg O’Neill, the CEO of Woodside, shares insights from her role at the helm of the global energy company. She discusses Woodside's recent $1.25 billion profit and the impact of lower oil prices. O'Neill highlights the critical role of gas in Australia's energy transition and explains the company's strategic decisions regarding acquisitions like Santos. Additionally, she addresses the regulatory frustrations surrounding major gas projects and the importance of balancing energy policies in a changing landscape.
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New Assets Raise Depreciation Pressure
- Woodside raised production and managed costs, but profit fell due to high depreciation from new assets.
- Meg O'Neill expects depreciation to fall as reserves and subsurface knowledge grow.
Gas Exposure Offset Oil Softness
- Gas prices in Europe and Asia remained strong, offsetting weaker oil-linked revenues.
- Woodside sold 25–30% of LNG on gas markers, gaining roughly $3/MMBTU versus oil indexation.
Pair Gas With Renewables For Transition
- Use gas alongside renewables to keep energy reliable, affordable and lower carbon intensity.
- Tackle regulatory barriers to develop available gas while bringing communities along on decarbonisation.