Woodside Energy Group Holds 2026 Capital Markets Day, Targets 12–15% Portfolio ROACE by Mid-2030s

Aditi Sarkar

05 November 2026 06:37 PM AEDT

Woodside Energy Group Holds 2026 Capital Markets Day, Targets 12–15% Portfolio ROACE by Mid-2030s

Image Source: Krish Capital Pty Ltd

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Woodside Energy Group (ASX:WDS) held its 2026 Capital Markets Day in Sydney on Thursday, 5 November 2026, where Chief Executive Officer Liz Westcott and senior executives outlined a strategy targeting a portfolio return on average capital employed (ROACE) of 12 to 15 percent by the mid-2030s, alongside a series of operational, financial and capital allocation measures.

Key Points

Woodside targets sales of approximately 280 million barrels of oil equivalent by 2032 and more than $40 billion in adjusted operating cash flow over the same period.
The company is targeting $400 million in annual structural cost savings from 2028.
A new shareholder distributions policy will align dividends more closely with underlying performance, with flexibility for additional returns.
A new 2035 net equity Scope 1 and 2 greenhouse gas emissions intensity target has been set.
Since 2022, Woodside has returned nearly $13 billion in dividends to shareholders.

CEO Strategy Presentation and Key Growth Projects

Chief Executive Officer Liz Westcott, who became CEO in March, presented the company's updated strategy at the Sydney event. The filing states that Woodside expects to deliver the Scarborough, Trion and Louisiana LNG growth projects to schedule and budget. Westcott outlined three key elements: strong foundations for growth and value, sharpening execution to strengthen long-term profitability and resilience, and maximising value by making assets and capital work harder to deliver strong returns. The company described its portfolio ROACE target of 12 to 15 percent by the mid-2030s as a "bold and clear target."

New Capital Strategy and Distributions Framework

Chief Financial Officer Graham Tiver presented a new capital strategy and shareholder distributions framework at the event. Under the new approach, Woodside disclosed it is applying a single capital framework under which every investment opportunity competes equally for capital. The new shareholder distributions policy is designed to align dividends more closely with underlying performance, with flexibility for additional returns. The company also disclosed plans to further strengthen its marketing, trading and shipping capabilities, and to actively shape its portfolio to focus investment where returns are highest.

Portfolio Scale and Australian Operations

According to the filing, Woodside operates approximately 19 million tonnes per annum of operated LNG capacity, which the company said represents just under 5 percent of 2025 global supply, making it one of the world's largest independent LNG companies. The company's 2022 merger with BHP's petroleum business added assets in Bass Strait, Mexico and the Gulf of America. Woodside's North West Shelf and Pluto LNG assets in Australia achieved reliability above 99 percent in the most recent quarter. The company disclosed it operates across three continents with established customers in major energy markets.

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