Key Highlights

  • Operating revenue increased 13 per cent year-on-year to $7,446 million in H1 2026
  • Net profit after tax came in at $1,672 million, with underlying NPAT of $1,334 million
  • Interim dividend of 57 US cents per share declared, fully franked
  • Gearing rose to 20.6 per cent, moving marginally above the company's 10-20 per cent target range

Woodside Energy (ASX:WDS, NYSE:WDS) reported Operating Revenue of $7,446 million for the half year ended 30 June 2026, an increase of 13 per cent compared to the first half of 2025. Net profit after tax for the period was $1,672 million, while underlying NPAT came in at $1,334 million. EBITDA from the underlying base Business totalled $4,647 million for the half.

Production and Project Delivery

The company produced 478 thousand barrels of oil equivalent per day, or 86.5 million barrels of oil equivalent, during the half, at a unit production cost of $8.8 per barrel of oil equivalent. Woodside advanced its major growth projects during the period, with Scarborough reported as 98 per cent complete, Trion at 64 per cent and Louisiana LNG at 28 per cent.

Operated LNG facilities achieved a reliability rate of 98.7 per cent, while Sangomar and Shenzi recorded reliability rates of 99.5 per cent and 99.1 per cent respectively. The Pluto planned turnaround was completed on schedule and within budget, involving more than 400,000 hours worked without a lost-time injury, and supported integration activities tied to the Scarborough Energy Project.

Cash Flow and Capital Position

Operating Cash Flow for the half was $3,013 million, while free cash flow was lower at $352 million. Liquidity stood at $8,189 million at period end. Gearing rose to 20.6 per cent, moving marginally outside the company's target range of 10 to 20 per cent, a shift the company attributed to $655 million in new Lease liabilities, a $419 million net cash outflow tied to hedge settlements, and a $101 million rise in trade receivables.

Dividend

Woodside's board determined a fully franked Interim Dividend of 57 US cents per share for the half year.

Conclusion

Woodside's first-half 2026 results show revenue growth alongside continued progress on its Scarborough, Trion and Louisiana LNG projects, even as gearing edged past the top of the company's target range due to lease liabilities and hedge settlement outflows. With Pluto's turnaround completed and free cash flow lower than the prior period, the company's growth-project timelines remain a key marker for its performance through the remainder of 2026.