The most relevant fact of the announcement is not the 10% staff cut, but the reduction in production costs to US$6.78 per barrel of oil equivalent (boe)<\/strong>, excluding Bayu-Undan. This is the lowest level in a decade, consolidating a low-cost operating model implemented since 2016. <\/p>\n\n The company reported annual production of 87.7 million barrels equivalent (mmboe)<\/strong> and sales of 93.5 mmboe<\/strong>, generating revenues of US$4.9 billion. Underlying net income reached US$898 million, while free cash flow reached US$1.8 billion. <\/p>\n\n From a technical perspective, these production costs confirm the soundness of its upstream strategy focused on thermal efficiency, logistics optimization and OPEX discipline.<\/p>\n\n The labor adjustment responds to the transition of large capital projects to stable operation. The Barossa Gas Project<\/strong>, Darwin LNG<\/strong> life extension and Pikka Phase 1<\/strong> developments are approaching full production. <\/p>\n\n Barossa and Darwin LNG were delivered within six months of the original schedule and within budget, a key indicator of project management<\/a> in complex offshore environments. The first cargo was received in early 2026. <\/p>\n\n In Alaska, Pikka Phase 1 expects first oil by the end of the first quarter of 2026, reaching production plateau before the close of the second quarter.<\/p>\n\n On the technical-environmental front, Moomba CCS<\/strong> has stored more than 1.5 million tons of CO\u2082 equivalent<\/strong> since start-up.<\/p>\n\n The company also announced that it achieved its 30 % emissions reduction target for 2030 five years ahead of schedule. This milestone positions the project as one of the most relevant carbon capture and storage developments in Oceania. <\/p>\n\n From an industrial perspective, the integration of CCS strengthens the liquefied natural gas portfolio and improves the ESG profile without compromising competitiveness.<\/p>\n\n CEO Kevin Gallagher reaffirmed the structural goal of maintaining a free cash flow break-even point below US$35 per barrel<\/strong>, which confirms low production costs; a goal achieved every year since 2016.<\/p>\n\nBarossa, Darwin LNG and Pikka enter stable phase<\/h2>\n\n
Moomba CCS exceeds anticipated climate goal<\/h2>\n\n
Breakeven below US$35\/bbl until 2030<\/h2>\n\n