Highlights

  • Woodside Energy (ASX:WDS) reported second quarter operating revenue of US$4,185 million, supported by higher realised prices.
  • The Scarborough Energy Project reached 98% completion and remains on track for first LNG cargo in Q4 2026.
  • Quarterly production volumes reached 41.3 MMboe, with Sangomar continuing to operate near nameplate capacity.
  • The Trion Project progressed to 64% completion, while Louisiana LNG reached 28% completion.
  • Woodside shares traded at $32.900 during the latest market session.

Woodside Energy Group Ltd (ASX:WDS) released its second quarter report for the period ended 30 June 2026, providing updates on production performance, financial results, major projects and portfolio activities.

The company reported quarterly operating revenue of US$4,185 million, representing an increase of 28% compared with the first quarter of 2026. Woodside achieved an average realised price of US$85/boe during the quarter, compared with US$63/boe in the previous quarter.

Quarterly production volumes were reported at 41.3 MMboe, equivalent to 454 Mboe/d. Production declined compared with the previous quarter due to planned maintenance at Pluto Train 1 and recovery from cyclone-related impacts.

Woodside shares were trading at $32.900, up $0.159 or 0.488% during the latest session. The company had a market capitalisation of $62.24B based on the provided market information.

Scarborough Energy Project Moves Closer to LNG Milestone

A key focus of Woodside’s quarterly update was progress on the Scarborough Energy Project. The company reported that the Scarborough and Pluto Train 2 projects were 98% complete at the end of the quarter and remained on budget.

Woodside stated that first LNG cargo from the project remains targeted for Q4 2026. During the quarter, planned maintenance at Pluto Train 1 was completed on schedule and budget, including integration activities related to Scarborough.

Subsequent to the reporting period, Woodside confirmed that the Floating Production Unit achieved ready-for-start-up status and first gas was achieved from the Scarborough reservoir. The trunkline also reached ready-for-start-up status, allowing pressurisation activities to begin.

Production Performance Across Key Assets

Woodside reported continued operational performance across its portfolio during the second quarter of 2026.

At Sangomar, the company achieved an average daily production rate of 99 Mbbl/d on a 100% basis, with Woodside’s share at 86 Mbbl/d. The asset recorded reliability of 99.3% during the quarter.

The company also reported reliability of more than 99% at Sangomar and Shenzi, while North West Shelf Project LNG and Pluto LNG achieved reliability levels above 97%.

Total production volumes for the quarter were 41,270 Mboe, compared with 45,187 Mboe in the first quarter of 2026 and 50,056 Mboe in the second quarter of 2025.

Trion and Louisiana LNG Projects Continue Development

Woodside provided updates on its major development projects, including Trion and Louisiana LNG.

The Trion Project reached 64% completion at the end of the quarter and remained on budget. The project continued drilling activities, with three wells completed from a 24-well program that commenced in March. First oil remains targeted for 2028.

The Louisiana LNG Project reached 28% completion and remained on budget. Train 1 was 35% complete, while construction activities continued across other project areas. First LNG from Louisiana LNG remains targeted for 2029.

Portfolio Developments and Gas Supply Activities

During the quarter, Woodside exercised pre-emption rights to acquire PetroChina International Investment (Australia) Pty Ltd’s 10.67% participating interest in the Browse Joint Venture.

The transaction is subject to customary conditions precedent, including regulatory approvals. Following successful completion, Woodside’s equity interest in the Browse Joint Venture is expected to increase to 41.27%.

Woodside also entered into a gas sales and purchase agreement with Alcoa for the supply of 31.1 PJ of domestic gas over the period from 2027 to 2030.

Financial Position and Upcoming Results

Woodside reported that as at 30 June 2026, the company had liquidity of approximately US$8,200 million, net debt including lease liabilities of approximately US$9,300 million and gearing of approximately 21%.

During the quarter, Woodside repaid a US$600 million Syndicated Term Loan approximately six months before maturity. The company stated that this reflected its approach to balance sheet management.

Woodside’s Half-Year Report 2026 and associated investor briefing are scheduled for release on Tuesday, 25 August 2026.

Market Position and Share Performance

Woodside Energy operates within the energy sector and has been listed on the Australian Securities Exchange since 18 November 1971.

Based on the provided market data, Woodside shares traded at $32.900, with a daily range between $32.570 and $33.190. The previous close was $32.740.

The company’s 52-week trading range was provided as $21.960 to $35.820, with average volume of 6,078,731 shares. Woodside had 1,901,100,143 ordinary fully paid shares on issue.

Conclusion

Woodside Energy’s second quarter 2026 report highlighted continued progress across its LNG and energy portfolio, with the Scarborough Energy Project approaching completion and major developments continuing at Trion and Louisiana LNG. The company reported quarterly revenue of US$4,185 million, production volumes of 41.3 MMboe and ongoing portfolio activities across its global operations. Future attention will remain on project execution, operational performance and the upcoming half-year results announcement.