Key highlights

  • Woodside Energy Group Ltd (ASX:WDS) shares closed at $34.03, up 2.69%, on 19 October 2026.
  • The 25 August 2026 half-year briefing reports NPAT of $1.7 billion, underlying NPAT of $1.3 billion and production of 86.5 MMboe.
  • A fully franked Interim Dividend of 57 US cents per share was determined, and Scarborough is 98% complete with first LNG cargo targeted for Q4 2026.

Woodside Energy Group Ltd (ASX:WDS; NYSE: WDS) is an Australian-based energy company producing LNG, oil and gas and developing major projects in Western Australia, the United States and Mexico. On 19 October 2026, the shares closed at $34.03, up 2.69%. On 25 August 2026, Woodside released its half-year 2026 results briefing pack, covering the six months ended 30 June 2026, together with details of a results teleconference.

First-half financial results

Net profit after tax was $1.7 billion, or $1.3 billion on an underlying basis (US$1,334 million). Operating Revenue was $7.446 billion, up 13% from $6.590 billion, and EBITDA was $4.6 billion. EBIT rose 19% to $2.157 billion. Operating Cash Flow was $3.013 billion, down 10% from $3.339 billion, and free cash flow was $352 million. Return on Equity was 9.3%.

Production was 86.5 million barrels of oil equivalent (478 Mboe/d), including 85.0 MMboe from Woodside reserves. Unit production cost was $8.8 per barrel of oil equivalent, which the briefing says reflects planned turnarounds at Pluto LNG and Okha, and would have been $7.4 excluding them. The pack reports zero Tier 1 or Tier 2 process safety events and one high-consequence injury.

Dividend, gearing and liquidity

Woodside determined a fully franked interim dividend of 57 US cents per share, about $1.1 billion, compared with 53 cents a year earlier. It says it has paid at the top end of its 50% to 80% payout target range. Gearing was 20.6% at the peak of investment, against a target of 10% to 20%, and the pack says it is expected to return to the target range in the second half. Liquidity was $8.2 billion at 30 June 2026.

Major projects and portfolio

Scarborough was 98% complete, on budget and on track for first LNG cargo in the fourth quarter of 2026. The floating production unit reached ready-for-start-up status and first gas was achieved after the period, while Pluto Train 2 commissioning continues. Trion was 64% complete, targeting first oil in 2028, and Louisiana LNG was 28% complete, targeting first LNG in 2029.

On portfolio changes, Woodside acquired a 10.67% interest in the Browse joint venture through pre-emption rights and, after the half, assumed operatorship of Gippsland Basin Assets and agreed to divest a 70% Calypso interest to bp. The pack notes these transactions are subject to customary conditions. Woodside also reports ramp-up costs at its Beaumont New Ammonia plant.

The pack also shows how Woodside frames Capital allocation. It targets a dividend payout of 50% to 80% of NPAT excluding non-recurring items, gearing of 10% to 20% through the cycle and an Investment grade Credit rating. At the end of the half, gearing of 20.6% was above that range, which the pack ties to peak investment in Scarborough, Trion and Louisiana LNG, and says it expects to come back within range in the second half.

Among operating items, the pack cites operated LNG reliability above 98% and reports completion of the Pluto planned turnaround and the Okha turnaround. It describes Scarborough’s floating production unit as moored and ready for start-up, with first gas achieved after the half-year, and Pluto Train 2 commissioning ongoing, with three of six liquefaction compressors having completed mechanical runs.

Sector backdrop

The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Energy rose 2.16%, the largest gain among the labelled segments. On the sector map for the session, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

Risks shareholders should weigh

Operating cash flow fell 10% even as revenue rose, and free cash flow was $352 million during a period of heavy investment. Gearing of 20.6% was above the upper end of the target range, and the pack’s expectation of a return to the range relies on second-half performance.

The company’s disclaimer lists Commodity prices, currency, project delivery, regulatory approvals, the effects of conflicts in Ukraine and the Middle East and other factors that could cause results to differ from forward-looking statements. Scarborough, Trion and Louisiana LNG each carry schedule and cost risks, and the Browse, Gippsland and Calypso transactions depend on conditions being met.

What’s next

The next milestones in the pack are first LNG cargo from Scarborough in Q4 2026, continued Pluto Train 2 commissioning, completion of the Calypso sale and Gippsland operatorship transfer, and progress on Trion (first oil 2028) and Louisiana LNG (first LNG 2029). A final dividend will be considered with full-year results.