Key Highlights

  • Woodside reported first-half 2026 net profit after tax of US$1.7 billion, with underlying NPAT of US$1.3 billion, on production of 86.5 MMboe.
  • The company determined a fully franked interim dividend of 57 US cents per share, totalling US$1.1 billion.
  • Scarborough was reported 98% complete with first LNG cargo targeted for Q4 2026, while Trion and Louisiana LNG were reported 64% and 28% complete.

Woodside Energy Group Ltd (ASX:WDS) shares closed at $33.18 on 27 October 2026, up 0.27% in the session. The S&P/ASX 200 closed at 8,850.1 (+0.46%) and the energy sector index finished at 11,074.7 (+0.63%). Brent crude slipped 0.60% to US$115.15 as diplomatic efforts around the U.S.-Israeli war with Iran eased concerns about further regional escalation. Woodside is an energy company with listings on the ASX and NYSE, supplying LNG, oil and pipeline gas from assets in Australia and internationally, with major projects under construction including Scarborough, Trion and Louisiana LNG.

Latest Development: Half-Year 2026 Financial Results

On 25 August 2026, Woodside released its half-year 2026 results briefing, to be discussed in a teleconference hosted by CEO and Managing Director Liz Westcott and Chief Financial Officer Graham Tiver. All figures below are in US dollars, as presented by the company.

  • Operating revenue was US$7,446 million, up 13% on H1 2025, with the company citing higher realised prices; the average realised price was US$74 per boe compared with US$62.
  • EBITDA was US$4,647 million against US$4,600 million a year earlier, and EBIT was US$2,157 million.
  • NPAT was US$1,672 million, while underlying NPAT was US$1,334 million, up from US$1,247 million.
  • Operating cash flow was US$3,013 million and free cash flow was US$352 million.
  • Production was 86.5 MMboe (478 Mboe/d), and unit production cost was US$8.8 per boe, or US$7.4 excluding the Pluto and Okha turnarounds.

Latest Development: Dividend, Balance Sheet and Cost Targets

Woodside determined a fully franked interim dividend of 57 US cents per share, about US$1.1 billion, which the company described as an 80% payout ratio. Liquidity was US$8.2 billion at 30 June 2026, and the company repaid a US$600 million syndicated term loan ahead of maturity. Gearing was 20.6% against a through-the-cycle target range of 10% to 20%, and the company said it expects gearing to return within the range during the second half. Credit ratings are Baa1 from Moody's and BBB+ from S&P. The company also outlined a structural cost reduction target of US$350 million per year, to be delivered from 2028.

Latest Development: Project and Portfolio Update

According to the briefing, the company's major developments are progressing as follows:

  • Scarborough is 98% complete as at 30 June 2026, with the floating production unit reaching ready for start-up status and first gas achieved after the period; first LNG cargo is targeted for Q4 2026.
  • Trion is 64% complete, with first oil targeted for 2028 and a 24-well drilling program that began in March 2026.
  • Louisiana LNG is 28% complete, with first LNG targeted for 2029.
  • Woodside acquired a 10.67% Browse JV interest through pre-emption rights, assumed operatorship of the Gippsland Basin assets on 1 July 2026, and agreed to sell its 70% Calypso interest to bp.

Risks and Catalysts on Watch

The company's briefing identifies the following items:

  • The first LNG cargo from Scarborough is on track for Q4 2026, according to the company.
  • The Browse JV interest acquisition and the Calypso sale are subject to customary conditions precedent.
  • Full-year 2026 production guidance is 174 to 185 MMboe and capital expenditure guidance is US$4,000 to US$4,500 million, assuming the Chevron asset swap completes in Q4 2026.
  • The company reported that 62% of 2026 oil-linked hedges were cash settled in H1 2026, with total pre-tax hedge losses of US$64 million recognised in the period.
  • The company has stated that gearing is expected to return within its target range in the second half.
  • The briefing lists commodity prices, project delays, regulatory approvals and armed conflict in the Middle East among factors that could cause outcomes to differ from forward-looking statements.

Wrapping Up

Woodside's 25 August 2026 briefing covered first-half earnings, an interim dividend of 57 US cents per share, a gearing level of 20.6% and construction progress at Scarborough, Trion and Louisiana LNG. The company also set out its 2026 guidance, a structural cost reduction target and portfolio changes involving Browse, Gippsland and Calypso.