KEY HIGHLIGHTS

  • WDS shares rose 0.74% to $32.64 on 29 April 2026, with Market Capitalisation of $61.59 billion and trading Volume of 1,189,644 shares in an active session.
  • Q1 2026 production was 45.2 MMboe (502 Mboe/d), down 8% from Q4 2025 due to severe tropical cyclone activity in Western Australia, with an average realised price of $63/boe — up 11% on Q4 2025.
  • The Scarborough Energy Project reached 96% completion and remains on budget and on track for first LNG cargo in Q4 2026; the Scarborough Floating Production Unit completed hook-up and commenced topside commissioning.

Woodside Energy Group Limited (ASX:WDS) was among the stronger performers in the energy sector on April 29, 2026, advancing $0.24 or 0.74% to trade at $32.64. Trading Volume of 1,189,644 shares reflected strong investor engagement with the stock's quarterly release. The bid-offer spread of $32.630 to $32.650 indicated an orderly and well-supported market. At a Market Capitalisation of approximately $61.59 billion, Woodside is one of Australia's largest listed companies and the country's pre-eminent independent oil and gas producer, with a diversified portfolio spanning LNG, oil, and emerging lower-carbon energy products.

 

Q1 2026 Production: Cyclone Disruption Absorbed by Operational Strength

Woodside's first quarter report for the period ended 31 March 2026 presented a nuanced operational picture. Production volumes of 45.2 million barrels of oil equivalent (MMboe), or approximately 502 thousand barrels of oil equivalent per day (Mboe/d), were down 8% from the 49.2 MMboe delivered in Q4 2025. The primary cause was the impact of Severe Tropical Cyclones Mitchell and Narelle, which temporarily disrupted Western Australian operations, including Pluto LNG and the North West Shelf Project. The safe restoration of facilities following these events was highlighted as a significant operational achievement.

Despite the production decline, the quarter demonstrated the quality and resilience of Woodside's asset base. Pluto LNG achieved its third consecutive quarter of 100% LNG reliability. The North West Shelf Project achieved quarterly LNG reliability of 99.7%. Sangomar, Woodside's offshore Senegal oil asset, produced at an average daily rate of 99 thousand barrels per day (100% basis) with reliability of 99.9%. The Shenzi deep-water asset in the Gulf of Mexico achieved reliability of 99.0%. These reliability metrics are exceptional by global industry standards and reflect the operational Maturity of Woodside's portfolio.

 

Pricing: Meaningful Improvement Relative to Prior Quarter

The 8% Volume decline was more than offset in Revenue terms by a significant improvement in realised pricing. Woodside achieved an average realised quarterly price of $63 per Barrel of Oil Equivalent, up 11% from Q4 2025. This pricing improvement reflected the benefits of market prices during the period, including the contribution of Woodside's gas hub exposure strategy — approximately 30% of volumes are exposed to gas hub pricing rather than oil-linked pricing, providing a source of price Diversification. Full-year 2026 guidance across all metrics, including production volumes of 172 to 186 MMboe and Capital Expenditure of $4.0 to $4.5 billion, was maintained unchanged.

 

Scarborough: The Company-Defining Growth Project

The most consequential near-term operational update concerns the Scarborough Energy Project, Woodside's landmark LNG development located offshore Western Australia. The project reached 96% completion as at the quarterly reporting date and remains on budget and on track for first LNG cargo in Q4 2026. Critically, the Scarborough Floating Production Unit (FPU) completed hook-up and commenced topside commissioning following its arrival in Australia — a physical milestone that moves the project from construction to commissioning phase.

Scarborough represents a transformational addition to Woodside's production base and Cash Flow profile. When operational, it will provide a long-term source of LNG Supply to meet growing Demand from Asian markets, extending the productive life of the Pluto LNG Facility through the addition of a second train. The project's on-budget and on-schedule status at 96% completion will be received positively by investors who have monitored the project closely through its multi-year development cycle.

 

Global Growth Portfolio: Louisiana LNG, Trion and Beaumont Ammonia

Beyond Scarborough, Woodside's global growth portfolio is advancing across multiple jurisdictions. The Louisiana LNG Project in the United States remains on budget and on schedule, with the foundation phase at 24% complete and Train 1 at 31% complete. First LNG is targeted for 2029. The Trion oil project in the Gulf of Mexico has progressed to 56% complete, remaining on budget with first oil targeted for 2028.

The Beaumont New Ammonia Facility in Texas represents Woodside's most recently activated asset. Woodside assumed operational control of the Facility in March 2026 following completion of performance testing and payment of the final $470 million consideration to OCI Global. First ammonia cargo was achieved in February 2026. While the Facility is currently producing conventional ammonia, Woodside is targeting the production of lower-carbon ammonia in 2027, pending resolution of delays at third-party industrial gas suppliers. The Beaumont Facility positions Woodside in the emerging global trade in ammonia as a lower-carbon energy carrier.

 

Leadership Transition: Liz Westcott as CEO

A notable corporate development during the quarter was the appointment of Liz Westcott as CEO and Managing Director of Woodside. Leadership transitions at major listed companies attract significant investor attention, particularly when they coincide with critical project execution phases. The market's broadly positive reception of the quarterly update — and the 0.74% share price gain on April 29 — suggests that investors are comfortable with both the operational trajectory and the Leadership transition.

 

Conclusion

Woodside Energy's 0.74% gain on April 29, 2026 was supported by a Quarterly Report that demonstrated operational excellence across a globally diversified asset portfolio, despite the disruption caused by cyclone activity in Western Australian waters. Scarborough's near-completion status, the activation of Beaumont ammonia, and the continued advancement of Louisiana LNG and Trion collectively underscore the depth and quality of Woodside's near-to-medium term growth pipeline. The company's scale, reliability record, and full-year guidance reiteration provide a stable foundation for investor confidence heading into the back half of 2026.