Key highlights

  • Woodside reported first-half 2026 NPAT of US$1,672 million and underlying NPAT of US$1,334 million on 25 August 2026.
  • The fully franked Interim Dividend is 57 US cents per share.
  • Scarborough is 98% complete, Trion 64% and Louisiana LNG 28%.

Woodside Energy Group Ltd (ASX:WDS) released its half-year report for the period ended 30 June 2026 on 25 August 2026. The document provided is a half-year result rather than a full-year annual report. It covered production, earnings, cash flow, major project progress and full-year guidance. Figures are in US dollars.

About Woodside

Woodside is an Australian energy company with oil and gas Assets in Australia, the United States, Senegal, Mexico and elsewhere. Its major projects include the Scarborough Energy Project, the Trion development in Mexico and the Louisiana LNG project.

Financial results

Operating revenue was US$7,446 million, up 13%. NPAT was US$1,672 million and underlying NPAT was US$1,334 million, up 7%. EBITDA from the underlying base Business was US$4,647 million. Operating Cash Flow was US$3,013 million, and free cash flow was US$352 million compared with US$136 million. Liquidity was US$8,189 million. The average realised price was US$74.0 per barrel of oil equivalent, up 20%.

The fully franked interim dividend is 57 US cents per share.

Production and projects

Production was 478 thousand barrels of oil equivalent a day, or 86.5 million barrels of oil equivalent, with unit production costs of US$8.8 per barrel. First-half production was 13% lower than in H1 2025. Operated LNG facilities achieved 98.7% reliability, and the Pluto planned turnaround was completed on schedule and within budget.

Scarborough is 98% complete, Trion 64% and Louisiana LNG 28%.

Gearing and 2026 guidance

Gearing was 20.6%, marginally outside the target range of 10% to 20%, affected by US$655 million of new Lease liabilities, a US$419 million net cash outflow from hedge settlements and a US$101 million increase in trade receivables. Full-year 2026 production guidance was narrowed to 174 to 185 million barrels of oil equivalent from 172 to 186, with Capital Expenditure unchanged at US$4,000 million to US$4,500 million.

Risks to consider

Production was 13% lower than in the first half of 2025, and gearing is above the target range. Free cash flow was low at US$352 million because of heavy project spending.

Scarborough, Trion and Louisiana LNG are large projects with schedule and cost risk, and Earnings depend on oil and LNG prices. Hedge settlement outflows and lease liabilities have raised gearing.

Catalysts to watch

Items to watch include Scarborough start-up, progress at Trion and Louisiana LNG, 2026 production of 174 to 185 million barrels of oil equivalent, capital expenditure of US$4,000 million to US$4,500 million, and gearing relative to the target range.