Woodside Energy Group (WDS) Q2 2026 earnings summary

Executive summary

• Quarterly operating revenue reached $4,185 million, up 28% from Q1 2026, with an average realised price of $85/boe, up 35% sequentially.

• Production volumes were 41.3 MMboe, down 9% from Q1 due to planned maintenance and cyclone recovery.

• Operational reliability exceeded 99% at Sangomar and Shenzi, and over 97% at North West Shelf and Pluto LNG.

• Major projects advanced: Scarborough Energy Project 98% complete, Trion 64% complete, Louisiana LNG 28% complete.

• Exercised pre-emption rights to acquire 10.67% of Browse JV, increasing equity to 41.27% upon completion.

Financial highlights

• Operating revenue for Q2 2026 was $4,185 million, up 28% from Q1 and 28% year-over-year.

• Production volumes were 41.3 MMboe, down 9% sequentially and 18% year-over-year.

• Capital expenditure for Q2 was $784 million, down 8% from Q1.

• Net debt stood at approximately $9,300 million with gearing at 21%.

• Liquidity was approximately $8,200 million as of 30 June 2026.

Outlook and guidance

• Full-year 2026 production guidance narrowed to 174–185 MMboe.

• Capital expenditure guidance remains at $4,000–4,500 million.

• First LNG cargo from Scarborough expected in Q4 2026; Trion targeting first oil in 2028; Louisiana LNG targeting first LNG in 2029.

• Production costs for H1 2026 guided at $730–770 million.