Key highlights

  • Woodside reported half-year 2026 NPAT of US$1.7 billion, with underlying NPAT of US$1.3 billion, in its 25 August 2026 release.
  • The company determined a fully franked Interim Dividend of 57 US cents per share and reported Liquidity of US$8.2 billion at 30 June 2026.
  • Scarborough was 98% complete, Trion 64% complete and Louisiana LNG 28% complete at 30 June 2026, with 2026 production guidance of 174–185 MMboe.

Woodside Energy Group Ltd (ASX:WDS) shares were changing hands at $33.475, down 1.02%, during the Trading session on 21 October 2026. Across the broader market, the S&P/ASX 200 Energy [XEJ] index stood at 11,167.20, a gain of 0.014% (1.60 points), while the S&P/ASX 200 [XJO] was at 8,806.90, lower by 0.11% (10.00 points), as at 2:32 pm GMT+11. In Commodity markets, Brent Crude rose 0.60% to US$109.48 per barrel as tensions in the Middle East involving Iran, Saudi Arabia and Yemen’s Houthis persisted, and a reported fall in US oil inventories pointed to tighter Supply conditions. Woodside is an Australian-headquartered energy company with oil and gas interests across Australia and internationally, including LNG operations, the Sangomar project offshore Senegal, and growth projects in Australia, Mexico and the United States.

What Woodside Energy Group does

Woodside Energy Group Ltd explores for, develops, produces and markets oil, gas and related energy products. Its portfolio includes operated LNG facilities such as Pluto LNG in Western Australia, the Sangomar oil development offshore Senegal, and projects under development including the Scarborough Energy Project, the Trion oil project in Mexico and the Louisiana LNG project in the United States. The company is dual-listed on the ASX and the NYSE under the ticker WDS, and it also holds an interest in the Beaumont New Ammonia Facility in the United States.

Production is sold into a mix of oil-linked and gas-linked markets, and the company reports a gas hub exposure guidance figure of around 30% for its portfolio on a three-year average basis for 2026 to 2028.

Half-year 2026 Earnings and cash flow

In an announcement and results briefing dated 25 August 2026, Woodside reported half-year 2026 net profit after tax of US$1.7 billion, compared with US$1,316 million in the prior corresponding period, an increase of 27%. Underlying NPAT was US$1,334 million, against US$1,247 million, a rise of 7%. Operating Revenue was US$7,446 million, up 13% from US$6,590 million, while EBITDA was US$4,647 million, compared with US$4,600 million.

Production for the half was 86.5 MMboe, equivalent to 478 Mboe per day. The company noted that production was affected by cyclone-related losses and the planned Pluto turnaround, and that unit production cost was US$8.8 per barrel of oil equivalent, or US$7.4 per boe excluding the cost and Volume impacts of the Pluto and Okha turnarounds. Operating Cash Flow was US$3,013 million, lower than US$3,339 million a year earlier, while free cash flow was US$352 million, up from US$136 million. Pre-tax hedge losses of US$64 million were recognised in the half.

Dividend, Balance Sheet and Capital framework

Woodside determined a fully franked interim dividend of 57 US cents per share, or about US$1.1 billion, compared with 53 US cents per share in the prior period. Earnings Per Share were 88 US cents, up from 69 US cents. The company stated that it targets a dividend payout of 50% to 80% of NPAT excluding non-recurring items, and that it has paid at the top end of that range since 2013.

Liquidity was US$8,189 million at 30 June 2026, compared with US$8,430 million. Gearing was 20.6%, which is above the company’s target range of 10% to 20%; the release states that gearing is expected to return within the range in the second half. Woodside also reported US$1.7 billion of capital contributions from Stonepeak and Williams towards Louisiana LNG development.

Major project progress

At 30 June 2026, the Scarborough Energy Project was 98% complete, on budget, with the first LNG cargo targeted for the fourth quarter of 2026. The Trion project in Mexico was 64% complete and on budget, with first oil targeted for 2028, and Louisiana LNG was 28% complete and on budget, with first LNG targeted for 2029. The company also reported greater than 98% reliability across its operated LNG facilities, completion of the Pluto turnaround within budget and schedule, and 15 MMboe produced at Sangomar in the half.

Subsequent to the half, the company noted the Acquisition of a 10.67% Browse joint venture interest through pre-emption rights, the assumption of operatorship of certain Gippsland Basin Assets and the sale of a 70% interest in Calypso to bp. Completion of these items is subject to customary conditions precedent.

2026 guidance

Woodside narrowed its 2026 production guidance to 174–185 MMboe from 172–186 MMboe, including 2–3 MMboe from Beaumont New Ammonia. Capital Expenditure guidance remained US$4.0–4.5 billion, with abandonment expenditure of US$500–800 million, exploration expenditure of about US$200 million and production costs of US$1,500–1,800 million, all unchanged. The release noted that guidance excludes the US$470 million final acquisition completion payment for Beaumont New Ammonia.

Sector context

Energy markets continue to be shaped by Middle East tensions and tight supply conditions, with Brent crude at US$109.48 per barrel during the session. LNG and oil producers report earnings that are linked to commodity prices, exchange rates and shipping and trading conditions, and the S&P/ASX 200 Energy index remained marginally higher at 11,167.20 during the session even as the broader S&P/ASX 200 was lower.

Risks and uncertainties

The company’s materials identify several factors that could cause outcomes to differ from expectations, including fluctuations in commodity prices and currency, project delays and cost changes, regulatory approvals, and political risks including armed conflict in Ukraine and the Middle East. Gearing of 20.6% was above target at 30 June 2026, and the Pluto turnaround, cyclone impacts and hedge settlements affected first-half results. The Browse, Gippsland and Calypso transactions remain subject to conditions, and Operating Cash Flow was lower than in the prior period.

Catalysts to watch

Items scheduled in the release include the targeted first LNG cargo from Scarborough in the fourth quarter of 2026, the expected return of gearing to the target range in the second half of 2026, completion of the Browse, Gippsland and Calypso transactions, and the payment of the interim dividend. Further milestones include Trion first oil in 2028 and Louisiana LNG first LNG in 2029.

Closing perspective

Woodside’s 25 August 2026 release combined higher revenue and profit with lower operating cash flow, a gearing level above its target range, and project completion percentages as at 30 June 2026. Readers can track subsequent company announcements for updates on project milestones and guidance.