Woodside Energy Group Limited (ASX:WDS), a constituent of the S&P/ASX 200, released its half-year results for the period ended 30 June 2026 on 25 August 2026, reporting Operating Revenue of $7,446 million, up 13% from H1 2025, and underlying NPAT of $1,334 million, up 7%. Three major development projects — Scarborough, Trion, and Louisiana LNG — progressed materially during the period, with Scarborough reaching 98% completion and the company maintaining a strong Liquidity position of $8,189 million.

About the Company

Woodside Energy Group Limited is Australia's largest independent oil and gas company, listed on both the ASX and the New York Stock Exchange. The company operates a portfolio of LNG, oil, and Natural Gas Assets across Australia, the Gulf of Mexico, Timor-Leste, Senegal, Trinidad and Tobago, and the United States. Its Australian LNG operations — including Pluto LNG and the North West Shelf Project — are among the world's most reliable LNG production facilities. Woodside is pursuing a significant Capital program anchored by three major development projects: Scarborough (LNG feedgas, WA), Trion (deepwater oil, Mexico), and Louisiana LNG (US Gulf Coast LNG export).

H1 2026 Results

Operating revenue was $7,446 million (H1 2025: $6,590 million), up 13%. NPAT was $1,672 million. Underlying NPAT was $1,334 million (H1 2025: $1,247 million), up 7%. EBITDA from the underlying base Business was $4,647 million. Operating Cash Flow was $3,013 million. Free cash flow was $352 million (H1 2025: $136 million), up 159%. Average realised price was $74.0/boe (H1 2025: $61.7/boe), up 20%. Production was 86.5 MMboe (H1 2025: 99.2 MMboe), down 13%, partly reflecting the planned Pluto turnaround. Unit production costs were $8.8/boe. Operated LNG facilities achieved 98.7% reliability. Sangomar (Senegal) achieved 99.5% reliability and Shenzi 99.1%. The Pluto planned turnaround was completed safely on schedule and within budget, with more than 400,000 hours worked and zero lost-time injuries. Capital Expenditure was $1,637 million (H1 2025: $2,558 million), down 36%. Gearing was 20.6%, marginally outside the 10-20% target range, reflecting $655 million of new Lease liabilities, $419 million of hedge settlement outflows, and increased receivables. Liquidity was $8,189 million. Major project status: Scarborough 98% complete; Trion 64% complete; Louisiana LNG 28% complete. Gas hub exposure increased to 38.7% of production (H1 2025: 24.2%). Full-year 2026 production guidance: 174-185 MMboe.

Distribution

Woodside determined a fully franked Interim Dividend of 57 US cents per share for H1 2026. The company has a stated policy of paying 50% of underlying NPAT as dividends.

Index Context

Woodside is a heavyweight constituent of the S&P/ASX 200 energy sector and one of the largest companies by Market Capitalisation in the index. For S&P/ASX 200 investors, WDS provides primary exposure to global LNG pricing, oil prices, and the long-term Demand outlook for Australian and US LNG exports. The company's three major development projects — Scarborough, Trion, and Louisiana LNG — collectively represent a significant uplift in production capacity that will change Woodside's Earnings profile materially once they reach first production.

Material Risks and Uncertainties

Production declined 13% in H1 2026 partly due to the Pluto turnaround, and full-year guidance of 174-185 MMboe implies a material recovery in H2 2026. Gearing at 20.6% is marginally outside the target range and will require monitoring as capex continues on the three major projects. Louisiana LNG at 28% completion is the earliest-stage of the three major projects and carries the most remaining execution risk, including ongoing US regulatory and political risk in the LNG export landscape. LNG pricing is subject to global gas Supply and demand dynamics, including European gas storage levels and Asian spot LNG demand, both of which can create significant short-term price volatility.

Upcoming Milestones

First LNG from Scarborough — which reached 98% construction completion in H1 2026 — will be the most significant near-term catalyst for Woodside, initiating new production volumes and the associated revenue uplift. Trion (64% complete) is expected to deliver first oil on its development schedule. Louisiana LNG (28% complete) is the longest-dated project with its US Gulf Coast export Facility under active construction. The Pluto Train 2 integration activities completed during the H1 turnaround will support increased throughput capacity when Scarborough feedgas becomes available. Production recovery in H2 2026 from the H1 Pluto turnaround will be the most immediate operational milestone to monitor in the company's FY2026 full-year results.