Woodside Energy, Australia's top independent oil and gas producer, flagged output would be flat in 2025 after reporting fourth quarter revenue in line with forecasts, though realised prices were softer than analysts had expected.

Its shares fell as much as 2.4% to A$25.12 by 23:32 GMT, set for their weakest trading session since November 26, underperforming a 0.9% drop in the broader Australian energy sub-index.

Woodside flagged 2025 production would come in between 186-million and 196-million barrels of oil equivalent (mmboe), in line with record output of 193.9 mmboe in 2024. Analysts' forecasts for 2025 had been at the top end of the range.

Fourth quarter revenue rose 3% from a year earlier to $3.47-billion but was down 6% from the previous quarter, primarily due to lower seasonal demand at Bass Strait in Victoria and an unplanned shutdown at Pluto LNG in Western Australia.

That was in line with Visible Alpha consensus, with softer realised pricing offset by stronger LNG trading revenue, Citi analyst James Byrne said.

"The trading revenue is volatile, so with the softer realised pricing, the result is arguably a miss," he said in a client note.

Average realised pricing for the year came in at $64 per barrel of oil equivalent (boe), down 7% from the previous year.

The company posted full-year capital expenditure of $8.13 billion, including its acquisition of US LNG developer Tellurian, a 43% rise from a year earlier.

Woodside CEO Meg O'Neill said the company "has attracted strong interest from high-quality potential partners" as it looks to sell down its stake in Louisiana LNG.

"It is encouraging to see the growing level of support for LNG opportunities in the US from capital markets, including the recognition of the potential additional value unlocked by strong marketing capabilities," she said, the day after President Donald Trump lifted a freeze on US LNG export permits.

Woodside's production rose 7% in the fourth quarter from a year earlier, spurred by the Sangomar oil project in Senegal, which has expanded its market with a first shipment to the US.

The company flagged its absolute emissions rose for the year due to Sangomar, but said it was on track to meet its net reduction target for greenhouse gas emissions.