Woodside Energy Group Ltd

Latest Results (18.07.2026):

Woodside Energy Group Ltd — First Quarter 2026: Woodside reported continued high operational reliability and delivered production of 45.2 MMboe (502 Mboe/d) in Q1 2026, with operating revenue of US$3,261 million and an average realised price of US$63/boe (up 11% qoq). Production was down 8% qoq largely due to Severe Tropical Cyclone impacts; major projects remain on budget and on schedule, notably Scarborough at 96% complete and on track for a first LNG cargo in Q4 2026. Guidance for full-year 2026 was unchanged.

Production and reliability

Q1 2026 production: 45.2 MMboe (502 Mboe/d), down 8% from Q4 2025 due to seasonal weather. Key asset reliability: Sangomar 99.9%, Shenzi 99.0%, Pluto LNG 100% (third consecutive quarter), NWS Project 99.7%.

Revenue and realised prices

Operating revenue of US$3,261m in Q1 2026. Average realised price US$63/boe (up 11% qoq) driven by stronger spot LNG and higher oil prices; noted a US$75m oil revenue adjustment to be reported in other income.

Sales volumes

Sales volumes were 51.7 MMboe (575 Mboe/d) in Q1 2026, reflecting a 1% increase versus Q4 2025 on a sales basis despite lower production.

Capital expenditure and acquisitions

Q1 capex US$853m, acquisitions US$470m (Beaumont New Ammonia final payment), total capex & acquisitions US$1,323m. Major Q1 spend highlights: Louisiana LNG activity (reported US$872m gross with participant cash contributions offset), Scarborough US$275m, Trion US$171m.

Major project progress

Scarborough Energy Project 96% complete, FPU hook‑up done and topside commissioning underway; first LNG cargo targeted Q4 2026. Trion 56% complete with FPU and subsea work progressing; targeting first oil in 2028. Louisiana LNG foundation phase 24% complete and Train 1 at 31%, targeting first LNG in 2029.

Beaumont New Ammonia

Woodside assumed operational control in March 2026 after completing handover and making the US$470m payment; first ammonia cargo shipped in February. Production of lower‑carbon ammonia now targeted in 2027 due to third‑party supplier delays.

Hedging, liquidity and balance-sheet metrics

As at 31 March 2026: hedges included 30 MMboe of 2026 oil at US$74.23/bbl and corpus hedges for Corpus Christi LNG (approx. 95% of 2026 volumes hedged); estimated realised pre‑tax hedging profit for the period ~US$32m. Liquidity ~US$8.3bn after a fully franked dividend; net debt (including leases) ~US$9.3bn.

Guidance and corporate actions

2026 guidance unchanged: total production 172–186 MMboe, capex US$4.0–4.5bn, and other cost guidance maintained. Liz Westcott appointed CEO & MD (effective 18 March 2026) and management has commenced a business review to streamline decision‑making and improve capital management.