Woodside Energy (ASX:WDS): Broker Rating and Project Outlook Explained

Sonal Goyal

22 October 2026 09:44 PM AEDT

Woodside Energy (ASX:WDS): Broker Rating and Project Outlook Explained

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Key highlights

Macquarie Research has issued a Neutral rating on Woodside Energy Group (ASX:WDS) with a target price of $33.30.
WDS shares were priced at $32.77 as at 4:13 pm GMT+11 on 22 October 2026, down 3.50% (down $1.19) on the day.
Woodside’s half-year 2026 results reported NPAT of US$1.7 billion and a fully franked interim dividend of 57 US cents per share.

Macquarie Research has issued a Neutral rating on Woodside Energy Group Ltd (ASX:WDS) with a target price of $33.30. WDS shares were priced at $32.77 as at 4:13 pm GMT+11 on 22 October 2026, down 3.50% (down $1.19) on the day. Woodside is an Australian oil and gas company with LNG and project interests in Australia, the United States and Mexico, and its latest results, for the half year ended 30 June 2026, were released on 25 August 2026.

About Woodside Energy Group Ltd: business overview

Woodside Energy Group Ltd explores for, develops and produces oil and gas and sells LNG. Its portfolio includes the North West Shelf and Pluto LNG in Western Australia, the Scarborough Energy Project, the Trion project in Mexico and the Louisiana LNG project in the United States. It is listed on the ASX and NYSE and reports in US dollars.

Half-year 2026 results (25 August 2026)

Woodside reported NPAT of US$1.7 billion, up 27%, underlying NPAT of US$1,334 million, up 7%, operating revenue of US$7,446 million and EBITDA of US$4,647 million. The fully franked interim dividend was 57 US cents per share, compared with 53 US cents in the prior period, and liquidity was US$8,189 million at 30 June 2026.

Projects and guidance

The company reported that the Scarborough Energy Project was 98% complete, Trion was 64% complete and Louisiana LNG was 28% complete. It set 2026 production guidance of 174–185 MMboe. The release described its approach as disciplined execution, with capital spending concentrated on the three major projects.

Related sector context

Oil and gas producers earn from commodity prices, LNG and domestic gas contracts, production volumes and operating costs, and they spend heavily on long-dated projects. Results are reported through NPAT, EBITDA, production and dividends, and project milestones are reported as percentage completion.

Risks to weigh in

Oil and gas producers are exposed to commodity prices, LNG contract pricing, production and operating costs, and the cost and schedule of large projects. Woodside’s results are reported in US dollars, and the share price can move with energy sector sentiment, as reflected in the day’s decline. Broker target prices are estimates that may differ from market outcomes and can be revised.

Catalysts on watch

Delivery of Scarborough toward first LNG and progress at Trion and Louisiana LNG.

Woodside’s next quarterly report and 2026 production against the 174–185 MMboe guidance.

Oil and LNG price movements, and any further broker rating changes.

Wrapping up

Macquarie Research’s Neutral rating and $33.30 target are close to the share price of $32.77, and Woodside’s half-year result describes higher profit and a higher interim dividend alongside project progress. Later reports will show how those projects develop.

FAQs

Q: How was Woodside’s share price on 22 October 2026?

A:$32.77 as at 4:13 pm GMT+11, down 3.50% (down $1.19).

Q: What interim dividend did Woodside declare?

A:57 US cents per share, fully franked.

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