Woodside Energy Group (ASX:WDS) Output Rises 12% to 46.2 MMboe as LNG Price Hits US$84/boe

Sonal Goyal

21 October 2026 01:23 PM AEDT

Woodside Energy Group (ASX:WDS) Output Rises 12% to 46.2 MMboe as LNG Price Hits US$84/boe

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Key Highlights

Operating revenue was US$4,281 million in Q3 2026, up 2% on Q2 and 27% on Q3 2025, with production of 46.2 MMboe (503 Mboe/d) up 12% on the previous quarter.
The realised LNG price rose 27% quarter-on-quarter to US$84/boe, reflecting price lags from Q2, LNG portfolio optimisation and higher gas hub market pricing.
Full-year production guidance was narrowed to 174-181 MMboe from 174-185 MMboe, while capital expenditure guidance of US$4,000-4,500 million is unchanged.
Scarborough was 99% complete with first LNG cargo on track for Q4 2026, Trion was 71% complete and Louisiana LNG was 32% complete.

Woodside Energy Group (ASX:WDS) reported third quarter 2026 operating revenue of US$4,281 million, up 2% on the second quarter and 27% on the third quarter of 2025, as production rose 12% quarter-on-quarter to 46.2 million barrels of oil equivalent (MMboe), or 503 thousand barrels of oil equivalent per day (Mboe/d). The average realised LNG price was US$84 per barrel of oil equivalent (boe), up 27% on Q2 2026. Woodside narrowed its 2026 full-year production guidance to 174-181 MMboe from 174-185 MMboe and left its other guidance items unchanged.

Revenue, Production and Realised Prices

Operating revenue of US$4,281 million compared with US$4,185 million in the second quarter and US$3,359 million a year earlier. Year-to-date revenue is US$11,727 million, up 18% on US$9,949 million. The company attributed the quarterly increase to LNG performance, partly offset by lower average realised pricing from the liquids portfolio. The overall average realised price was US$84/boe, down 1% from US$85/boe in Q2 but 40% above US$60/boe in Q3 2025.

Production of 46.2 MMboe was 12% above the second quarter's 41.3 MMboe, which Woodside attributed to higher output at Pluto LNG after turnaround and maintenance work completed in Q2. It was 9% below the 50.8 MMboe produced in Q3 2025, and year-to-date production of 132.7 MMboe is 11% below 149.9 MMboe. Gas production rose 28% on Q2 to 1,697 MMscf/d, while liquids production fell 6% to 202 Mbbl/d.

Reliability was above 99% at Sangomar, the NWS Project and Pluto LNG, at 99.2%, 99.3% and 99.8% respectively, and the NWS single-train planned major turnaround was completed in September 2026 on schedule and budget. About 33% of LNG sold was linked to gas hub indices. The company said the effect of crude supply disruptions softened as export flows recovered, lowering crude prices and the realised premiums on its liquids portfolio.

Guidance, Spending and the Balance Sheet

Woodside listed four items in its guidance comments: Beaumont New Ammonia volumes revised to 1.5-2.5 MMboe (previously 2-3 MMboe), a narrower window for the first Scarborough LNG cargo, reduced production at the Okha FPSO, and the September completion of start-up and performance testing of Julimar Development Phase 3. Guidance for capital expenditure of US$4,000-4,500 million, production costs of US$1,500-1,800 million and abandonment expenditure of US$500-800 million is unchanged.

Capital expenditure was US$722 million in Q3, against US$784 million in Q2 and US$1,323 million in Q3 2025, after US$1,029 million of cash contributions from participants. At 30 September 2026, liquidity was approximately US$7,800 million and net debt, including lease liabilities, approximately US$8,900 million. During the quarter Woodside paid a fully franked dividend of US$1,084 million and a US$800 million bond maturity. Its cost reduction program targets a US$350 million structurally lower recurring cost base against the 2025 baseline from 2028.

Scarborough, Trion, Louisiana LNG and Portfolio Moves

The Scarborough Energy Project was 99% complete and on budget, with gas from the Scarborough reservoir introduced into the floating production unit (FPU) and exported into the trunkline during the quarter. First LNG cargo is on track for Q4 2026. Trion was 71% complete, with 10 of 24 wells drilled, FPU fabrication at 96% and first oil targeted for 2028. Louisiana LNG was 32% complete, with Train 1 at 41%, Train 2 at 27% and Train 3 at 22%, and first LNG targeted for 2029. All three projects remain on budget.

On 6 August 2026, Woodside agreed to sell its 70% operated interest in the Calypso Project to bp, with completion targeted for Q4 2026. It also completed a strategic review of Beaumont New Ammonia and will begin a formal process to reduce its investment. The facility suspended operations for about 30 days after a Tier 1 process safety event, with no injuries, and ran at 69% of nameplate capacity in the quarter. Woodside recorded three process safety events in total, the Tier 1 event and two Tier 2 events at Okha and Karratha Gas Plant.

Woodside's Third-Quarter Position in Brief

Woodside Energy Group reported Q3 2026 operating revenue of US$4,281 million, production of 46.2 MMboe and an average realised price of US$84/boe. Chief Executive Officer Liz Westcott said the company remained a reliable supplier amid volatility in global energy markets. Full-year production guidance is 174-181 MMboe, liquidity is approximately US$7,800 million, and the company will hold Capital Markets Days on 5 November 2026 in Australia and 12 November 2026 in New York.

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