Key Highlights

  • Operating revenue increased 13 percent to $7,446 million for H1 2026 compared with H1 2025
  • Net profit after tax was $1,672 million, with underlying NPAT of $1,334 million, up from $1,247 million in the prior corresponding period
  • The board determined a fully franked Interim Dividend of 57 US cents per share, representing an 80 percent Payout Ratio of underlying NPAT
  • Gearing rose to 20.6 percent, marginally outside the company's target range of 10 to 20 percent

Woodside Energy Group Limited (ASX:WDS) reported production of 478 thousand barrels of oil equivalent per day, or 86.5 million barrels of oil equivalent in total, for the half year ended 30 June 2026, with unit production costs of $8.8 per barrel of oil equivalent. Operating Revenue rose 13 percent year-on-year to $7,446 million. The company said the Middle East conflict disrupted global LNG and oil Supply during the half, contributing to strengthening Commodity prices and increased customer demand, which its Marketing and Trading division worked to optimise while managing portfolio risk.

WDS shares were trading 1.79% higher at AUD 34.08 ta the time of writing on 25 August 2026.

Profit and Cash Flow

Net profit after tax for H1 2026 was $1,672 million, up from $1,316 million in H1 2025. Underlying NPAT was $1,334 million, compared with $1,247 million in the prior corresponding period. The variance to reported NPAT reflected several factors, including higher average realised prices, higher third-party LNG trading activity, a $135 million non-cash unrealised loss on the Perdaman embedded derivative in H1 2026 compared with a $162 million unrealised gain in H1 2025, and pre-tax hedge losses of $64 million compared with hedge gains of $42 million a year earlier. Operating Cash Flow was $3,013 million, with free cash flow of $352 million. The company reported Liquidity of $8,189 million at period end.

Major Project Progress

Woodside reported progress across its major growth projects, with Scarborough 98 percent complete, Trion 64 percent complete, and Louisiana LNG 28 percent complete. The company maintained high asset reliability during the half, with operated LNG facilities achieving 98.7 percent reliability, Sangomar 99.5 percent, and Shenzi 99.1 percent. The Pluto planned turnaround campaign was completed on schedule and within budget, including integration activities supporting the Scarborough Energy Project, with more than 400,000 hours worked and zero lost-time injuries recorded.

Dividend

The directors determined a fully franked interim dividend of 57 US cents per share, representing an 80 percent payout ratio of underlying NPAT and an annualised Yield of 5.9 percent.

Balance Sheet and Gearing

Gearing increased to 20.6 percent, marginally outside the company's target range of 10 to 20 percent, impacted by $655 million of new Lease liabilities, a $419 million net cash outflow from hedge settlements, and a $101 million increase in trade receivables. CEO Liz Westcott said the company delivered a resilient first-half performance, describing Woodside as a secure and reliable supplier to customers throughout a period of global volatility.

Conclusion

Woodside Energy's H1 2026 results showed growth in revenue, Underlying Profit and production compared with the prior corresponding period, supported by higher realised prices amid disrupted global energy markets and continued progress on its major growth projects, including Scarborough, Trion and Louisiana LNG. Gearing moved marginally above the company's target range during the half due to new lease liabilities, hedge settlement outflows and higher receivables, factors that sit alongside an interim dividend maintained at an 80 percent payout ratio of underlying profit.