Woodside Energy (ASX:WDS) shares surged to an 18-month peak on Tuesday following its annual results, driven by robust production growth and a maintained dividend payout. The company reported a 2025 net profit after tax of $2.72 billion, a 24% decline from the prior year, primarily due to lower realized crude prices despite increased output. Underlying net profit stood at $2.65 billion, down 8%.

Annual production reached a record 198.8 million barrels of oil equivalent, supported by strong performance at the Sangomar project and high reliability at Pluto LNG and North West Shelf assets. Sydney-listed shares rose as much as 2% to A$27.66, their highest since early September 2024. Woodside declared a final dividend of 59 U.S. cents per share, increasing the full-year payout to 112 cents per share, fully franked, within its 50%–80% target range.