Key Highlights

  • WDS shares eased 0.99% to $33.15, down 0.33 on the day
  • Operating revenue up 13 percent to $7,446 million
  • Net profit after tax of $1,672 million; underlying NPAT up to $1,334 million
  • Interim dividend of 57 US cents, an 80 percent payout ratio
  • Gearing rose to 20.6 percent, just above the 10-20 percent target range

Woodside Energy Group Limited (ASX:WDS) shares were trading 0.99% lower at AUD 33.15, down 0.33 on the day, as at 3:15pm AEST on 25 August 2026, even after the energy major reported growth in revenue and profit for H1 2026. Operating Revenue rose 13 percent year-on-year to $7,446 million, while net profit after tax increased to $1,672 million from $1,316 million. The modest pullback may reflect the gearing level moving marginally above target range, offsetting otherwise solid operating results.

Why Woodside Shares Are Slightly Lower Today

Despite growth across most metrics, a few factors may be weighing on sentiment:

  • Operating revenue: $7,446 million, up 13 percent
  • Net profit after tax: $1,672 million, up from $1,316 million
  • Underlying NPAT: $1,334 million, up from $1,247 million
  • Gearing: 20.6 percent, marginally outside the 10-20 percent target range
  • Operating cash flow: $3,013 million; free cash flow: $352 million

Production and Major Projects

  • Production: 478 thousand barrels of oil equivalent per day (86.5 million boe total)
  • Unit production costs: $8.8 per barrel of oil equivalent
  • Scarborough: 98 percent complete; Trion: 64 percent complete; Louisiana LNG: 28 percent complete
  • LNG Facility reliability: 98.7 percent; Pluto turnaround completed on schedule and budget with zero lost-time injuries

Dividend and Balance Sheet

  • Interim dividend: 57 US cents fully franked, an 80 percent Payout Ratio and 5.9 percent annualised yield
  • Liquidity: $8,189 million at period end
  • Gearing increase driven by $655 million of new Lease liabilities, $419 million hedge settlement outflow and higher receivables

What's Weighing on the Stock

CEO Liz Westcott described the half as resilient amid global volatility, with the Middle East conflict disrupting LNG and oil Supply and lifting prices during the period. Even so, gearing edging above target range appears to be the main Factor tempering today's share price, despite otherwise solid revenue and profit growth.