Highlights

  • Woodside Energy Group (ASX:WDS) reported Q3 2026 production of 46.2 million barrels of oil equivalent, up 12% quarter on quarter.
  • Third-quarter Operating Revenue reached USD 4.281 billion, a 2% increase from Q2 2026.
  • The Scarborough Energy Project was 99% complete at the end of September 2026, with first LNG cargo targeted for 2026.
  • Full-year 2026 production guidance was narrowed to 174–181 million barrels of oil equivalent.

Woodside Energy Group (ASX:WDS) develops, produces and markets liquefied Natural Gas (LNG), pipeline gas, Crude Oil and related energy products through operations in Australia and overseas. Its 2026 activities have combined output from established Assets with Investment in new LNG and oil projects. Woodside shares closed at AUD 30.59 on 5 November 2026, down 6.02% for the session. The latest quarterly figures, alongside progress at Scarborough and overseas developments, provide a clearer picture of production, Earnings and near-term execution requirements.

Production Across Australian and International Operations

Woodside operates or holds interests in gas and oil assets including Pluto LNG and the North West Shelf in Western Australia, Sangomar offshore Senegal, and producing assets in the United States. These facilities contribute different products and sales exposures. LNG is shipped to international buyers, while pipeline gas and liquids are sold through their respective markets. The company also has a Marketing Business responsible for managing sales arrangements and the movement of energy cargoes.

In the September 2026 quarter, Woodside Energy Group (ASX:WDS) produced 46.2 million barrels of oil equivalent (MMboe), equivalent to approximately 503,000 barrels of oil equivalent per day. That was 12% above the preceding quarter, primarily reflecting increased production at Pluto LNG following turnaround and maintenance work completed during Q2. The company reported operating reliability above 99% at Sangomar, North West Shelf LNG and Pluto LNG. The North West Shelf also completed a planned major single-train turnaround.

Financial Results and Revised 2026 Guidance

Third-quarter operating revenue was USD 4.281 billion, rising 2% quarter on quarter. Woodside reported an average realised LNG price of USD 84 per barrel of oil equivalent, 27% higher than in Q2 2026. It linked the LNG pricing result to timing effects, LNG portfolio optimisation and gas-hub pricing, while lower realised prices for liquid products partly offset that contribution. Production volumes and realised prices therefore need to be assessed together when considering quarterly revenue.

For the first half of 2026, Woodside Energy Group (ASX:WDS) recorded USD 7.4 billion in operating revenue, USD 1.7 billion in statutory net profit after tax and USD 1.3 billion in underlying net profit after tax. Operating Cash Flow was approximately USD 3 billion. Its Interim Dividend was 57 US cents per share, fully franked. The difference between statutory and Underlying Profit is relevant when examining recurring performance, while cash flow helps indicate funds generated by operating activities.

Following the September quarter, Woodside reduced the upper end of its full-year production guidance from 185 MMboe to 181 MMboe, leaving the lower bound at 174 MMboe. The revised range reflected updated assumptions for Beaumont New Ammonia, reduced output at Okha and the timing of Scarborough’s first LNG cargo. Its 2026 Capital Expenditure guidance remained USD 4.0–4.5 billion. These are company targets rather than completed outcomes.

Scarborough, Trion and Louisiana LNG Development

Scarborough in Western Australia reached 99% completion by the end of September 2026. It is designed to Supply gas to the Pluto LNG expansion, including Pluto Train 2. Woodside Energy Group (ASX:WDS) continued to target its first LNG cargo during 2026. Commissioning, the introduction of gas and operational readiness remain relevant before commercial output can be assessed. First-cargo timing alone does not establish the subsequent production rate.

At the same quarter-end, the Trion oil development offshore Mexico was 71% complete, with first oil targeted for 2028. Woodside reported that the Louisiana LNG development was 32% complete, including 41% completion for its first train, and targeted first LNG in 2029. Its foundational Louisiana phase is designed for capacity of 16.5 million tonnes per annum across three trains. Each project has different construction, commissioning, financing and market exposures, making milestone reporting important.

Operating Risks and What to Watch Next

The principal near-term considerations include commissioning risk at Scarborough, production interruptions at existing facilities and exposure to LNG, oil and gas prices. Construction schedules, contractor performance and capital expenditure will also affect the Trion and Louisiana programmes. Woodside completed a review of Beaumont New Ammonia and indicated that it would seek to reduce its investment in the project. Changes to its project portfolio could alter future capital commitments and operational exposure.

For Woodside Energy Group (ASX:WDS), the next operational measures are the timing of Scarborough’s initial LNG cargo, subsequent stable production, final 2026 output against guidance and updated spending figures. Progress at Trion and Louisiana LNG, alongside the balance between cash generation, Capital Investment and distributions, will remain relevant in forthcoming disclosures.

Key Insights

Woodside Energy Group (ASX:WDS) reported higher production and revenue in Q3 2026, supported by recovered Pluto LNG volumes and LNG pricing. Its major developments are at different stages of construction, while its revised production range and capital programme frame the remaining 2026 reporting period. Delivery against project milestones, operating cash flow and energy-price exposure will provide further context for its financial performance.