Woodside Energy Group Ltd

Latest Results (29.08.2026):

Woodside Energy Group Ltd — reporting on the half-year ended 30 June 2026 (Q2 2026 / H1 2026): Woodside delivered a resilient H1 2026 with operating revenue of US$7,446m (+13% y/y), total production of 478 mboe/d (86.5 MMboe), statutory NPAT of US$1,672m (underlying NPAT US$1,334m) and an interim fully franked dividend of 57 US cents per share. Free cash flow was positive at US$352m and the company continued strong project execution (Scarborough 98% complete; Trion 64%; Louisiana LNG 28%).

Key financials

Operating revenue US$7,446m (+13%); EBITDA (underlying) US$4,647m; statutory NPAT US$1,672m (underlying NPAT US$1,334m, +7% v H1 2025); average realised price US$74.0/boe (+20%).

Cash, liquidity and balance sheet

Operating cash flow US$3,013m; free cash flow US$352m; cash and equivalents US$4,339m and total liquidity US$8,189m. Drawn debt US$11,450m and gearing 20.6% (marginally above the 10–20% target range).

Capital and guidance

H1 capex US$1,637m (down 36% y/y). Full‑year 2026 guidance unchanged: capital expenditure US$4,000–4,500m and production guidance maintained (full year target ~174–185 MMboe).

Shareholder returns

Interim dividend 57 US cps, fully franked (represents ~80% payout of underlying NPAT and an annualised yield ~5.9% based on 30 June 2026 share price); DRP remains suspended.

Production, costs and reliability

Total production 478 mboe/d (86.5 MMboe). Unit production cost US$8.8/boe. Operated LNG reliability 98.7%; Sangomar 99.5%; Shenzi 99.1%. Pluto turnaround completed on schedule and within budget.

Project delivery

Scarborough 98% complete and on track for first LNG in Q4 2026 (FPU achieved ready for start-up and first gas subsequent to period). Trion 64% complete targeting first oil in 2028. Louisiana LNG foundation phase 28% complete targeting first LNG in 2029.

Notable items and risks

H1 recognised an unrealised embedded derivative loss (Perdaman) and pre‑tax hedge losses (~US$64m), with hedge settlements producing a net cash outflow of ~US$419m in H1 (timing expected to unwind in H2). Impairment charges of US$178m (Calypso US$135m; H2OK US$43m). Recognition of additional Pluto PRRT deferred tax asset (~US$596m) and a US tax DTA (~US$90m) materially impacted tax lines.

Operational & ESG highlights

Zero fatalities and zero Tier 1/2 process safety events in H1; one high-consequence injury; sustainability actions included methane reporting improvements and biodiversity initiatives. Continued progress on lower‑carbon projects (Beaumont ammonia, Woodside Solar, CCS assessments).