The Woodside Energy Group Ltd (ASX: WDS) share price is charging higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) energy stock closed yesterday trading for $23.38. In morning trade on Tuesday, shares are changing hands for 24.13 apiece, up 3.2%.

For some context, the ASX 200 is down 0.8% at this time.

This outperformance follows the release of Woodside's full-year 2024 results.

Here are the highlights.

Woodside share price buoyed by strong production

The Woodside share price is marching higher after the company reported it achieved record production in 2024 of 193.9 million barrels of oil equivalent (MMboe).

The ASX 200 energy stock attributed the strong result to "outstanding early production performance" at its Sangomar project, located offshore in Senegal, along with reliable performance from its other "world-class" LNG assets.

The Woodside share price also looks to be catching some tailwinds from the 115% year on year increase in net profit after tax (NPAT) to $3.57 billion.

However, underlying NPAT was down 13% from 2023 to $2.88 billion. The company said this was mainly due to lower realised oil and gas prices.

Unit production cost of $8.1/boe was down 2% from 2023.

Operating cash flow of $5.8 billion dipped 5% year on year, while the cash margin of 82% was up from 80% in 2023.

On the passive income front, the board declared a fully franked final dividend of 53 US cents per share, down 12% from last year's final dividend. That brings the full-year dividend to US$1.22 a share, and it sees the payout ratio at the top of the company's target range at 80%.

The value of the full-year dividend works out to $2.32 billion.

What did management say?

Commenting on the results helping to lift the Woodside share price today, CEO Meg O'Neill said, "Our proven track record of operational excellence, disciplined investment decisions and world-class project execution is delivering near-term rewards for our shareholders while laying the foundations for a new chapter of value creation."

Looking at the company's major projects, O'Neill added:

Sangomar ramped up to nameplate capacity within nine weeks of its June 2024 startup, achieving 94% reliability in the fourth quarter…

Excellent progress was made on Woodside's major growth projects, with the Scarborough Energy Project now 80% complete and on track for first LNG cargo in 2026…

In Mexico, the Trion Project is more than 20% complete and targeted for first oil in 2028. In 2024 we made two acquisitions that will deliver long-term profitability and cash flow for Woodside, with investments in Louisiana LNG and Beaumont New Ammonia.

As for Woodside's environmental commitments, O'Neill said:

We have continued to deliver on our commitments as we pursue a climate strategy for all our shareholders and which balances ambition with financial discipline and achievability.

This year Woodside further reduced net equity Scope 1 and 2 greenhouse gas emissions to 14% below our starting base and we remain on track to meet 2025 and 2030 targets.

What's next for the Woodside share price?

Looking at what could impact the Woodside share price in the year ahead, O'Neill said, "Woodside begins 2025 with a strong balance sheet, a resilient and high-performing base business and an attractive portfolio of projects which position us to deliver value-accretive growth and shareholder returns."

Investors will also be keeping an eye on the trajectory of global oil and gas prices.