Key Highlights

  • Woodside Energy Group Ltd (ASX: WDS) shares were trading at AUD 31.89, down 3.22% at the time of writing on 5 August.
  • The company reported quarterly operating revenue of US$4.185 billion, up 28% from Q1 2026.
  • Quarterly production volumes were 41.3 MMboe, down 9% from Q1 2026 due to planned maintenance at Pluto Train 1 and recovery from cyclone impacts.
  • The Scarborough Energy Project was 98% complete and remained on track for first LNG cargo in Q4 2026.

Woodside Energy Group Ltd (ASX: WDS) shares were trading at AUD 31.89, down 3.22% at the time of writing on 5 August. The share price movement comes after the company released its quarterly update on 29 July 2026, outlining operating revenue, production volumes, project progress, and portfolio developments.

Business Overview

Woodside Energy Group is an Australian energy company involved in the exploration, development, production, and supply of oil, gas, and liquefied natural gas (LNG).

The company operates a portfolio of energy assets across Australia and international markets. Its major projects include LNG developments, offshore oil production assets, and gas infrastructure.

Woodside’s portfolio includes operations such as the North West Shelf Project, Pluto LNG, Sangomar, and growth projects including Scarborough, Trion, and Louisiana LNG.

Quarterly Financial and Operational Performance

On 29 July 2026, Woodside released its quarterly update covering operational performance and project activity.

The company reported quarterly operating revenue of US$4.185 billion, representing an increase of 28% compared with Q1 2026.

Woodside achieved an average realised price of US$85 per barrel of oil equivalent (boe), which increased 35% from the previous quarter.

Quarterly production volumes were reported at 41.3 million barrels of oil equivalent (MMboe), equivalent to 454 thousand barrels of oil equivalent per day (Mboe/d).

Production volumes declined 9% from Q1 2026, with the company attributing the change to planned maintenance at Pluto Train 1 and recovery from cyclone impacts.

Sangomar Production Performance

Woodside reported continued production performance from the Sangomar project.

The company stated that Sangomar achieved operational reliability of more than 99% during the quarter.

Average daily production from Sangomar was reported at 99 thousand barrels per day (Mbbl/d) on a 100% basis, with Woodside’s share at 86 Mbbl/d.

The company said production from Sangomar was near nameplate capacity during the period.

LNG Project Development Progress

Woodside provided updates on several major LNG and energy projects.

The Scarborough Energy Project was reported as 98% complete and remained on budget and on track for first LNG cargo in Q4 2026.

The company also completed planned maintenance at Pluto Train 1 on schedule and budget, including critical tie-ins supporting Scarborough.

The Trion Project in Mexico was reported as 64% complete and remained on budget, with first oil targeted for 2028.

The Louisiana LNG Project in the United States was reported as 28% complete, with Train 1 at 35% complete. The project remains targeted for first LNG in 2029.

Portfolio and Business Developments

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 company also entered into a sale and purchase agreement with Alcoa for the supply of 31.1 petajoules (PJ) of domestic gas over the period from 2027 to 2030.

Subsequent to the reporting period, Woodside completed the transfer of operatorship for the Gippsland Basin assets from ExxonMobil.

The company also confirmed that completion of the asset swap with Chevron, targeted for Q4 2026, remains on track.

2026 Guidance Update

Woodside maintained its 2026 guidance ranges across key operating areas.

Total production volume guidance remained at 174–185 MMboe, compared with the previous guidance range of 172–186 MMboe.

The company maintained capital expenditure guidance of US$4.0 billion to US$4.5 billion.

Other unchanged guidance items included abandonment expenditure of US$500 million to US$800 million, exploration expenditure of approximately US$200 million, production costs of US$1.5 billion to US$1.8 billion, and feed gas, services, and processing costs of US$500 million to US$600 million.

Industry Environment

The energy sector continues to be influenced by global oil and gas demand, commodity prices, LNG market conditions, geopolitical developments, and investment in energy infrastructure.

Large-scale LNG projects require significant capital investment and long development timelines, with production timing and operational performance being key factors for energy producers.

Woodside’s performance is linked to commodity markets, production levels, project execution, and asset portfolio management.

What Investors May Continue to Watch

Investors may continue to monitor production performance, commodity price movements, progress at Scarborough and other development projects, capital expenditure levels, and future operational updates.

Further company announcements may provide updates on LNG project milestones, production guidance, asset transactions, and portfolio developments.

Conclusion

Woodside Energy Group Ltd (ASX: WDS) continues to progress its LNG and energy portfolio while managing production activities across its global assets. In its quarterly update released on 29 July 2026, the company reported US$4.185 billion in operating revenue, quarterly production volumes of 41.3 MMboe, and average realised pricing of US$85/boe. The Scarborough Energy Project reached 98% completion and remained on track for first LNG cargo in Q4 2026. While the share price was trading at AUD 31.89, down 3.22% at the time of writing on 5 August, investors are likely to continue monitoring project delivery, production trends, and energy market conditions.