Woodside Energy Group Ltd 6-K, filed Apr 29, 2026
Woodside Energy Group Ltd (WDS)
About this 6-K
Woodside Energy Group Ltd filed this 6-K on April 29, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-41404
Woodside Energy Group Ltd
(ABN 55 004 898 962)
(Registrant’s name)
Woodside Energy Group Ltd
Mia Yellagonga, 11 Mount Street
Perth, Western Australia 6000
Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☑ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: April 29, 2026
| WOODSIDE ENERGY GROUP LTD | ||
| By: | /s/ Damien Gare | |
| Damien Gare Corporate Secretary | ||
Exhibit 99.1
FIRST QUARTER REPORT FOR PERIOD ENDED 31 MARCH 2026
ASX: WDS | NYSE: WDS
Wednesday, 29 April 2026
Advancing growth and delivering reliable energy
Performance highlights
| • | Sangomar, Shenzi, North West Shelf Project and Pluto LNG all delivered outstanding reliability at or above 99%. |
| • | Achieved an average realised quarterly price of $63/boe, up 11% from Q4 2025 reflecting benefits from market prices. |
| • | Delivered quarterly production volumes of 45.2 MMboe (502 Mboe/d), down 8% from Q4 2025 due to seasonal weather events. |
Project highlights
| • | The Scarborough Energy Project was 96% complete and remains on budget and on track for first LNG cargo in Q4 2026. |
| • | The Scarborough Floating Production Unit (FPU) completed hook-up and commenced topside commissioning following its arrival in Australia. |
| • | Beaumont New Ammonia achieved first ammonia cargo in February, with Woodside assuming operational control in March. |
| • | The Trion Project progressed to 56% complete and remains on budget and targeting first oil in 2028. |
| • | The foundation phase of Louisiana LNG Project remains on budget and on schedule. The project was 24% complete with Train 1 31% complete. The project is targeting first LNG in 2029. |
Business and portfolio highlights
| • | Liz Westcott appointed as CEO and Managing Director. |
| • | Safe restoration of Western Australian operations following Severe Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle. |
|
2026 full-year guidance
|
Prior
|
Current
| |||||||||
| Total production volumes1 | MMboe | 172-186 | No change | ||||||||
| Gas hub exposure2 | % | ~30 | No change | ||||||||
| Capital expenditure3456 | $ million | 4,000 - 4,500 | No change | ||||||||
| Abandonment expenditure | $ million | 500 - 800 | No change | ||||||||
| Exploration expenditure | $ million | ~200 | No change | ||||||||
| Production costs | $ million | 1,500 - 1,800 | No change | ||||||||
| Feed gas, services and processing costs | $ million | 500 - 600 | No change | ||||||||
| Property, plant and equipment depreciation and amortisation | $ million | 4,200 - 4,700 | No change | ||||||||
1 Total production volumes includes 2-3 MMboe from Beaumont New Ammonia.
2 Gas hub indices include Japan Korea Marker (JKM), Title Transfer Facility (TTF) and National Balancing Point (NBP). It excludes Henry Hub. Presented on a three-year average for 2026-2028. Includes binding sales and purchases agreements only, Woodside’s equity share of Scarborough and Pluto LNG, Corpus Christi offtake volumes and assumes the Chevron asset swap is completed.
3 Louisiana LNG (90% Louisiana LNG LLC, 60% Louisiana LNG Infrastructure LLC and 20% Driftwood Pipeline LLC) capital expenditure adjusted for the cash contributions from Stonepeak and Williams.
4 Scarborough at 74.9% participating interest, Pluto Train 2 at 51% participating interest.
5 Trion at 60% participating interest.
6 Completion of the asset swap with Chevron assumed in H2 2026. Woodside’s equity interests at current participating interests prior to the completion for NWS Project, NWS Oil Project, Wheatstone, Julimar-Brunello and Angel CCS assets.
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1
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First quarter report for period ended 31 March 2026
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Woodside CEO Liz Westcott said the company maintained safe and reliable operations across its global portfolio during the first quarter, while continuing to execute major projects to budget and schedule.
“Production for the period was 45.2 million barrels of oil equivalent, underpinned by exceptional reliability of our world-class assets, including 99.9% at Sangomar and 99.0% at Shenzi. In Western Australia, Pluto LNG achieved 100% reliability for the third consecutive quarter, while the North West Shelf Project delivered 99.7%.
“Output from our Western Australian assets was impacted late in the quarter by Severe Tropical Cyclone Narelle. The team’s cyclone response ensured we maintained the safety of our people, assets and the environment throughout the shutdown and restoration of operations.
“We have seen modest increases to our portfolio average realised pricing in the quarter, driven by elevated spot prices. Further benefits of currently higher spot prices will be realised in subsequent quarters for LNG due to lagged contract pricing.
“We continued disciplined delivery of major cash-generative growth projects. Our Scarborough Energy Project is 96% complete and on target for first LNG cargo in the fourth quarter of 2026.
“During the period, we also progressed preparations for the Pluto turnaround scheduled for May, supporting long-term asset performance, and advancing readiness for Scarborough start-up.
“We reached key milestones during the quarter at Beaumont New Ammonia, achieving first ammonia cargo in February followed by the successful transition to full operational control of the facility in March.
“We commenced the drilling campaign at Trion, and completed the lift and installation of two topside modules onto the FPU. The project is 56% complete and targeting first oil in 2028.
“Construction at the Louisiana LNG project is progressing well, with structural steel erection, pipe installation, LNG tank construction and marine works underway. Louisiana LNG Train 1 is 31% complete.
“The drilling and completion of the Julimar Development Phase 3 wells was delivered, marking another milestone ahead of the asset swap with Chevron in H2 2026.
“At the time of my appointment in March, I said my focus would be on operational excellence, disciplined execution and sustainable value creation for Woodside shareholders. Cost discipline is essential to sustainable shareholder value creation and we are commencing a structured review of our business to streamline decision making, reduce complexity and improve accountability. We expect this will deliver benefits through improved organisational effectiveness and capital management without compromising safety, execution or operational reliability.
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2
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First quarter report for period ended 31 March 2026
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Comparative performance at a glance
| Q1 2026 |
Q4 2025 |
Change % |
Q1 2025 |
Change % |
YTD 2026 |
YTD 2025 |
Change % | |||||||||||
| Operating revenue |
$ million | 3,261 | 3,035 | 7% | 3,315 | (2%) | 3,261 | 3,315 | (2%) | |||||||||
| Production volumes7 |
MMboe | 45.2 | 48.9 | (8%) | 49.1 | (8%) | 45.2 | 49.1 | (8%) | |||||||||
| Gas |
MMscf/d | 1,578 | 1,709 | (8%) | 1,841 | (14%) | 1,578 | 1,841 | (14%) | |||||||||
| Liquids |
Mbbl/d | 221 | 232 | (5%) | 223 | (1%) | 221 | 223 | (1%) | |||||||||
| Ammonia |
kT/d | 1 | — | —% | — | —% | 1 | — | —% | |||||||||
| Total |
Mboe/d | 502 | 531 | (5%) | 546 | (8%) | 502 | 546 | (8%) | |||||||||
| Sales volumes8 |
MMboe | 51.7 | 52.4 | (1%) | 50.3 | 3% | 51.7 | 50.3 | 3% | |||||||||
| Gas |
MMscf/d | 2,016 | 1,924 | 5% | 1,968 | 2% | 2,016 | 1,968 | 2% | |||||||||
| Liquids |
Mbbl/d | 218 | 232 | (6%) | 213 | 2% | 218 | 213 | 2% | |||||||||
| Ammonia |
kT/d | 1 | — | —% | — | —% | 1 | — | —% | |||||||||
| Total |
Mboe/d | 575 | 569 | 1% | 559 | 3% | 575 | 559 | 3% | |||||||||
| Average realised price7 |
$/boe | 63 | 57 | 11% | 64 | (2%) | 62 | 64 | (3%) | |||||||||
| Capital expenditure and acquisitions |
$ million | 1,323 | 822 | 61% | 1,806 | (27%) | 1,323 | 1,806 | (27%) | |||||||||
| Capital expenditure |
$ million | 853 | 822 | 4% | 1,806 | (53%) | 853 | 1,806 | (53%) | |||||||||
| Acquisitions |
$ million | 470 | — | — | — | —% | 470 | — | —% | |||||||||
7 Percent change in total production may differ from percent change in daily production due to the number of days in each quarter.
8 Restated additional volumes of 0.09 MMboe in Q1 2025 to reflect a revised MMBtu to boe conversion factor, impacting realised price by -$1/boe in Q1 2025.
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3
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First quarter report for period ended 31 March 2026
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Operations
Pluto LNG
| • | Achieved third consecutive quarterly LNG reliability of 100%. |
| • | Safely restarted offshore facilities following Severe Tropical Cyclone Mitchell. |
| • | Continued preparation for the maintenance turnaround scheduled for May 2026. |
| • | Completed drilling of the XNA-03 infill well which is targeting start-up in H2 2026. |
North West Shelf (NWS) Project
| • | Achieved quarterly LNG reliability of 99.7%. |
| • | Safely restarted onshore and offshore facilities following Severe Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle. |
| • | Processed higher volumes of Waitsia gas, driven by the continued ramp-up of Waitsia Stage 2. |
| • | Advanced preparation for the scheduled one-train LNG maintenance campaign planned for September 2026. |
Wheatstone and Julimar-Brunello
| • | Drilling and completion of the Julimar Development Phase 3 wells was achieved. Start-up is targeting H2 2026. |
| • | LNG production at Wheatstone was impacted following an unplanned outage caused by Severe Tropical Cyclone Narelle. Production is partially restored, with return to normal operation expected by the end of April. |
| • | Decommissioning of five Julimar Brunello exploration wells is planned for H2 2026, as a condition precedent for the asset swap with Chevron. |
| • | Completion of the asset swap with Chevron is targeted for H2 2026.9 |
9 Completion of the transaction is subject to conditions precedent. See “Woodside simplifies portfolio and unlocks long-term value” announced on 19 December 2024.
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4
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First quarter report for period ended 31 March 2026
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Bass Strait
| • | Completion of the transfer of operatorship of the Bass Strait assets from ExxonMobil Australia to Woodside is targeting H2 2026.10 |
| • | Delivered reliability of 89.4% during the quarter, and completed planned shutdowns of the Snapper and West Tuna platforms ahead of schedule. |
| • | Completed drilling two of five wells for the Turrum Phase 3 project, with drilling targeting completion in H2 2026. |
10 Completion of the transaction is subject to conditions precedent. See “Woodside strengthens its Australian Operations” announced on 29 July 2025.
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5
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First quarter report for period ended 31 March 2026
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Other Australia
| • | The Okha FPSO disconnected in late March 2026 ahead of scheduled shipyard activity in Q2 2026. |
| • | The Pyrenees FPSO is scheduled to undertake shipyard activity in Q4 2026. |
Sangomar
| • | Achieved an average daily production rate of 99 Mbbl/d (100% basis, 80 Mbbl/d Woodside share) with reliability of 99.9%. |
| • | The Sangomar FPSO continues to demonstrate high reliability and the overall Sangomar reservoir continues to perform better than expected. |
| • | Optimisation of wells online and line-up of flowlines and system hydraulics have enabled maintained strong production through the quarter, however we expect to see oil rates decline over the remainder of 2026. |
United States of America
| • | Shenzi completed field production optimisation initiatives including flowline pressure reduction for sustained production rate increase and achieved reliability of 99.0%. |
| • | Commenced water injection from a new well at Atlantis. |
| • | Successfully commenced production from the third and final Argos Southwest Extension well, completing the three-well subsea tieback that began in August 2025. The project is expected to contribute approximately 20 Mbbl/d of gross (100% basis, ~5 Mbbl/d Woodside share) peak annualised average oil production. |
Beaumont New Ammonia
| • | Assumed operational control of the Beaumont New Ammonia facility in March 2026 following completion of performance testing and handover from OCI Global and final payment of $470 million. |
| • | Achieved first ammonia cargo in February 2026, with 2026 sales comprising a combination of spot and term cargoes supplied to domestic US barges and international seaborne vessels. |
| • | Due to delays at third-party industrial gas suppliers, we are targeting production of lower-carbon ammonia in 2027. |
Marketing
| • | There have been no disruptions to Woodside’s trading activities as a result of the conflict in the Middle East, with shipping operations continuing as planned. |
| • | Revenue and trading: |
| ○ | Continued strong LNG demand for spot cargoes from the Woodside portfolio at market prices. |
| ○ | LNG realised prices broadly flat compared to the prior quarter due to price lags. |
| ○ | Approximately 51% of LNG sold was linked to gas hub indices in the quarter. |
| ○ | Interruptions have increased the demand for crude products resulting in higher spot market prices. |
| • | Shipping: |
| ○ | Woodside has a strategy of securing term shipping for annual average delivery commitments and therefore has limited exposure to volatile spot LNG carrier rates. |
| ○ | Woodside does not currently have any controlled shipping that traverses Iranian waters or the Straits of Hormuz. Woodside trade routes are not subject to increased security risk. |
| • | Executed incremental pipeline gas sales of: |
| ○ | Approximately 1 PJ to be delivered to the Western Australian market in 2026. |
| ○ | 8.1 PJ to be delivered to the East Coast market across 2026, 2027 and 2028. |
| • | Woodside continues to engage with the Western Australian market on additional spot supply in 2026 and requirements for 2027 and onwards. |
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6
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First quarter report for period ended 31 March 2026
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Projects
Scarborough Energy Project
| • | The Scarborough and Pluto Train 2 projects remain on budget and were 96% complete at the end of the quarter (excluding Pluto Train 1 modifications). |
| • | The FPU was moored at the Scarborough field and hook-up of the umbilical and all subsea risers was successfully completed. Topsides commissioning activities are in progress. |
| • | Subsequent to the period, the Scarborough FPU was registered as a security regulated offshore facility by the Department of Home Affairs. |
| • | Construction and commissioning activities at the Pluto Train 2 site continued, first ignition of the additional gas turbine generator was achieved and preparation is underway for the first run of the liquefaction compressors. |
| • | The first two of three modules built for the Pluto Train 1 modifications project departed the fabrication yard in Thailand and, subsequent to the quarter, arrived at the Pluto site. |
| • | Civil, structural, and piping works advanced at the Pluto site, with a focus on preparing for activities to be completed during the Pluto LNG Train 1 major turnaround scheduled for May 2026. |
| • | First LNG cargo is on track for Q4 2026. |
Trion
| • | The Trion Project remains on budget and was 56% complete at the end of the quarter. |
| • | Drilling of 24 subsea wells commenced in March 2026. |
| • | Subsea equipment is on track for Q3 2026 installation. |
| • | FPU construction reached key milestones, with hull structural fabrication completed and two 6,000-metric-ton topside modules successfully lifted and installed. |
| • | Floating storage and offloading structural block fabrication continued, with the disconnectable turret mooring buoy largely complete and mating tests finished. |
| • | The Middle East conflict is currently not having any material impact on cost or schedule for Trion. |
| • | The Trion Project is targeting first oil in 2028. |
Louisiana LNG
| • | The foundation phase of Louisiana LNG, comprising three trains, reached 24% complete at the end of the quarter and remains on budget. |
| • | Key milestones achieved during the period included progression of the LNG tanks and the commencement of dredging activities. |
| • | Train 1 was 31% complete at the end of the quarter. During the period, structural steel erection progressed and the first piping was installed in the Train 1 rack. |
| • | Trains 2 and 3 were 22% and 14% complete respectively at the end of the quarter, with piling installation completed for Train 2 and commenced for Train 3. |
| • | Transition of Driftwood Pipeline LLC operatorship to Williams completed. |
| • | Bechtel is sourcing Louisiana LNG structural steel from the United Arab Emirates. Fabrication at Bechtel’s facility has not been impacted and sufficient steel for 2026 work programs has been delivered to site. Mitigation measures are being proactively assessed to ensure ongoing supply of steel. |
| • | Louisiana LNG continues to attract strong interest from high-quality counterparties, supporting Woodside’s sell-down process. |
| • | Progressed potential future growth optionality for the project. |
| • | The project is targeting first LNG cargo 2029. |
Hydrogen Refueller @H2Perth
| • | Commissioning activities continued ahead of targeted ready for start-up in Q2 2026. |
| • | The project is targeting first hydrogen production in H2 2026.11 |
11 The project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government’s Renewable Hydrogen Strategy.
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7
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First quarter report for period ended 31 March 2026
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Decommissioning
| • | Progressed offshore decommissioning execution activities across the portfolio, including removal of more than 18 km of flexible flowlines and umbilicals at Stybarrow and 8 km of flexible flowlines from Griffin fields. |
| • | Continued technical studies across the Stybarrow, Griffin and Minerva decommissioning projects to support execution planning, consistent with regulatory requirements. |
| • | At Bass Strait (Gippsland Basin Joint Venture), well plug and abandonment activities were progressed with platform rig operations on West Kingfish and Cobia platforms. |
| • | Preparation activities for the Bass Strait Offshore Platform Removal Campaign 1 also progressed, including completion of preparation activities on Bream B Platform, and commencement of mobilisation for onshore reception centre upgrades. |
Development and exploration
Browse
| • | Continued engagement with regulators to progress environmental approvals. |
| • | Continued technical work to optimise the upstream concept, with contractors engaged to progress pre-Front-End Engineering and Design (FEED) engineering scopes for the FPSO facilities. |
| • | Issued invitations to tender for the design and construction of the Browse FPSO facilities that will provide market pricing and schedule assumptions to inform a FEED entry decision. |
| • | Progressed the gas processing agreement which will establish the commercial framework and terms for processing Browse gas at the North West Shelf Project’s Karratha Gas Plant and support FEED entry. |
Sunrise
| • | Progressed technical and commercial activities under the Timor-Leste Cooperation Agreement. |
| • | Ongoing engagement by the Sunrise Joint Venture with the Timor-Leste and Australian Governments to advance the fiscal and regulatory frameworks supporting the potential development of Sunrise. |
Calypso
| • | The Calypso Joint Venture progressed the scoping of additional engineering studies. |
Exploration
| • | Woodside participated in the non-operated Bandit-1 well in Green Canyon Block 680 in the Gulf of America, which encountered high-quality oil-bearing Miocene sands. The co-owners are currently evaluating results to determine next steps.12 |
| • | Woodside was awarded eight leases in the Gulf of America following final payment and regulatory approval as the successful bidder from the Big Beautiful Gulf 1 Lease Sale held in 2025. |
| • | Woodside was the successful bidder on two blocks in Big Beautiful Gulf 2 Lease Sale in the Gulf of America, with the lease issuance pending final payment and regulatory approval. |
| • | Continued to evaluate opportunities consistent with Woodside’s disciplined exploration strategy. |
12 See “Bandit-1 discovery off Louisiana” announced on 10 April 2026.
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8
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First quarter report for period ended 31 March 2026
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Corporate activities
CEO appointment
| • | The Board appointed Liz Westcott as Woodside’s CEO and Managing Director, effective 18 March 2026. |
Annual General Meeting
| • | Woodside’s Annual General Meeting (AGM) was held on 23 April 2026. |
| • | All items put to the AGM were carried, and the AGM voting results were published following the meeting. |
Climate and sustainability
| • | Published AASB S2 climate-related disclosures in the 2025 Annual Report. |
| • | “Woodside Sustainability Briefing 2026” held on 16 March, highlighting 2025 sustainability performance. |
| • | Subsequent to the period, the 2025 Social Contribution Report was released, outlining our focus on the generation of better social and economic outcomes for our host communities. |
Hedging
| • | As at 31 March 2026, 30 MMboe of 2026 oil production was hedged at an average price of $74.23 per barrel and 10 MMboe of 2027 production at $76.76 per barrel. |
| • | Continued hedging program for Corpus Christi LNG volumes involving Henry Hub and Title Transfer Facility (TTF) commodity swaps. Approximately 95% of 2026, 86% of 2027, and 7% of 2028 volumes have been hedged. |
| • | The realised value of all hedged positions for the period ended 31 March 2026 is an estimated pre-tax profit of $32 million, with a $24 million profit related to Corpus Christi hedges and a $9 million profit related to oil price hedges, offset by a $1 million loss related to other hedge positions. Hedging profits will be included in ‘other income’ except hedging profits related to interest rate swaps which will be included in ‘finance income’ in the 2026 financial statements. |
Embedded commodity derivative
| • | In 2023, Woodside entered into a revised long-term gas sale and purchase contract with Perdaman. A component of the selling price is linked to the price of urea, creating an embedded commodity derivative in the contract. The fair value of the embedded derivative is estimated using a Monte Carlo simulation model. |
| • | As there is no long-term urea forward curve, TTF continues to be used as a proxy to simulate the value of the derivative over the life of the contract. |
| • | For the quarter ended 31 March 2026, an unrealised pre-tax loss of approximately $41 million is expected to be recognised through other expense. |
Funding and liquidity
| • |
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Upcoming events 2026-2027
|
July |
29 |
Second Quarter Report | ||
|
August |
25 |
Half-Year 2026 Results | ||
|
October |
21 |
Third Quarter Report | ||
|
January |
28 |
Fourth Quarter Report | ||
|
February |
23 |
2026 Annual Report | ||
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9
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First quarter report for period ended 31 March 2026
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Contacts:
| INVESTORS | MEDIA | REGISTERED ADDRESS | ||
| Woodside Energy Group Ltd | ||||
| ACN 004 898 962 | ||||
| Vanessa Martin | Christine Abbott | Mia Yellagonga | ||
| 11 Mount Street | ||||
| M: +61 477 397 961 | M: +61 484 112 469 | Perth WA 6000 | ||
| Australia | ||||
| E: investor@woodside.com | E: christine.abbott@woodside.com | T: +61 8 9348 4000 | ||
| www.woodside.com | ||||
This announcement was approved and authorised for release by Woodside’s Disclosure Committee.
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10
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First quarter report for period ended 31 March 2026
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Production volumes
|
Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| Gas |
MMscf/d | 1,578 | 1,709 | 1,841 | 1,578 | 1,841 | ||||||||||||||||||
| Liquids |
Mbbl/d | 221 | 232 | 223 | 221 | 223 | ||||||||||||||||||
| Ammonia |
kT/d | 1 | - | - | 1 | - | ||||||||||||||||||
| Total production volumes |
Mboe/d | 502 | 531 | 546 | 502 | 546 | ||||||||||||||||||
| Production (reserves) | ||||||||||||||||||||||||
| Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| AUSTRALIA |
||||||||||||||||||||||||
| LNG |
||||||||||||||||||||||||
| North West Shelf |
Mboe | 5,678 | 6,091 | 6,395 | 5,678 | 6,395 | ||||||||||||||||||
| Pluto13 |
Mboe | 10,991 | 11,403 | 10,226 | 10,991 | 10,226 | ||||||||||||||||||
| Wheatstone |
Mboe | 2,286 | 2,390 | 2,422 | 2,286 | 2,422 | ||||||||||||||||||
| Total |
Mboe | 18,955 | 19,884 | 19,043 | 18,955 | 19,043 | ||||||||||||||||||
| Pipeline gas |
||||||||||||||||||||||||
| Bass Strait |
Mboe | 2,756 | 3,431 | 3,192 | 2,756 | 3,192 | ||||||||||||||||||
|
Other13,14 |
Mboe | 2,508 | 3,598 | 3,740 | 2,508 | 3,740 | ||||||||||||||||||
| Total |
Mboe | 5,264 | 7,029 | 6,932 | 5,264 | 6,932 | ||||||||||||||||||
| Crude oil and condensate |
||||||||||||||||||||||||
| North West Shelf |
Mbbl | 953 | 1,083 | 1,106 | 953 | 1,106 | ||||||||||||||||||
| Pluto13 |
Mbbl | 845 | 930 | 847 | 845 | 847 | ||||||||||||||||||
| Wheatstone |
Mbbl | 427 | 436 | 441 | 427 | 441 | ||||||||||||||||||
| Bass Strait |
Mbbl | 342 | 367 | 402 | 342 | 402 | ||||||||||||||||||
| Macedon & Pyrenees |
Mbbl | 361 | 430 | 369 | 361 | 369 | ||||||||||||||||||
| Ngujima-Yin |
Mbbl | 653 | 973 | 725 | 653 | 725 | ||||||||||||||||||
| Okha |
Mbbl | 311 | 452 | 312 | 311 | 312 | ||||||||||||||||||
| Total |
Mboe | 3,892 | 4,671 | 4,202 | 3,892 | 4,202 | ||||||||||||||||||
| NGL |
||||||||||||||||||||||||
| North West Shelf |
Mbbl | 181 | 247 | 230 | 181 | 230 | ||||||||||||||||||
| Pluto13 |
Mbbl | 39 | 48 | 47 | 39 | 47 | ||||||||||||||||||
| Bass Strait |
Mbbl | 630 | 631 | 668 | 630 | 668 | ||||||||||||||||||
| Total |
Mboe | 850 | 926 | 945 | 850 | 945 | ||||||||||||||||||
| Total Australia |
Mboe | 28,961 | 32,510 | 31,122 | 28,961 | 31,122 | ||||||||||||||||||
| Mboe/d | 322 | 353 | 346 | 322 | 346 | |||||||||||||||||||
13 Feed gas volumes purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector are reported under Production (processing). Comparatives have been restated on the same basis.
14 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
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11
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First quarter report for period ended 31 March 2026
|
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|
Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| INTERNATIONAL |
||||||||||||||||||||||||
| Pipeline gas |
||||||||||||||||||||||||
| USA |
Mboe | 446 | 408 | 378 | 446 | 378 | ||||||||||||||||||
| Trinidad & Tobago |
Mboe | - | - | 2,416 | - | 2,416 | ||||||||||||||||||
| Other15 |
Mboe | 9 | - | 23 | 9 | 23 | ||||||||||||||||||
| Total |
Mboe | 455 | 408 | 2,817 | 455 | 2,817 | ||||||||||||||||||
| Crude oil and condensate |
||||||||||||||||||||||||
| Atlantis |
Mbbl | 2,721 | 2,761 | 2,472 | 2,721 | 2,472 | ||||||||||||||||||
| Mad Dog |
Mbbl | 2,758 | 2,797 | 2,577 | 2,758 | 2,577 | ||||||||||||||||||
| Shenzi |
Mbbl | 1,896 | 1,958 | 2,322 | 1,896 | 2,322 | ||||||||||||||||||
| Trinidad & Tobago |
Mbbl | - | - | 99 | - | 99 | ||||||||||||||||||
| Sangomar |
Mbbl | 7,152 | 7,781 | 7,010 | 7,152 | 7,010 | ||||||||||||||||||
| Other15 |
Mbbl | 54 | 34 | - | 54 | - | ||||||||||||||||||
| Total |
Mboe | 14,581 | 15,331 | 14,480 | 14,581 | 14,480 | ||||||||||||||||||
| NGL |
||||||||||||||||||||||||
| USA |
Mbbl | 513 | 363 | 398 | 513 | 398 | ||||||||||||||||||
| Other15 |
Mbbl | 5 | - | 12 | 5 | 12 | ||||||||||||||||||
| Total |
Mboe | 518 | 363 | 410 | 518 | 410 | ||||||||||||||||||
|
Total International |
Mboe | 15,554 | 16,102 | 17,707 | 15,554 | 17,707 | ||||||||||||||||||
| Mboe/d | 173 | 175 | 197 | 173 | 197 | |||||||||||||||||||
|
Total production (reserves) volumes |
Mboe | 44,515 | 48,612 | 48,829 | 44,515 | 48,829 | ||||||||||||||||||
| Mboe/d | 495 | 528 | 543 | 495 | 543 | |||||||||||||||||||
15 Overriding royalty interests held in the USA for several producing wells.
|
12
|
First quarter report for period ended 31 March 2026
|
|||||
Production (processing)
|
Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| AUSTRALIA |
||||||||||||||||||||||||
|
Pluto-KGP Interconnector16 |
||||||||||||||||||||||||
| LNG |
Mboe | 242 | 180 | 204 | 242 | 204 | ||||||||||||||||||
| Pipeline gas |
Mboe | - | 75 | 67 | - | 67 | ||||||||||||||||||
| Crude oil and condensate |
Mbbl | 9 | 9 | 10 | 9 | 10 | ||||||||||||||||||
| NGL |
Mbbl | 4 | 5 | 5 | 4 | 5 | ||||||||||||||||||
|
Total Australia |
Mboe | 255 | 269 | 286 | 255 | 286 | ||||||||||||||||||
| Mboe/d | 3 | 3 | 3 | 3 | 3 | |||||||||||||||||||
|
INTERNATIONAL |
||||||||||||||||||||||||
| Beaumont New Ammonia17 |
Mboe | 417 | 10 | - | 417 | - | ||||||||||||||||||
|
Total International |
Mboe | 417 | 10 | - | 417 | - | ||||||||||||||||||
| Mboe/d | 5 | - | - | 5 | - | |||||||||||||||||||
|
Total production (processing) volumes |
Mboe | 672 | 279 | 286 | 672 | 286 | ||||||||||||||||||
| Mboe/d | 7 | 3 | 3 | 7 | 3 | |||||||||||||||||||
|
Total production volumes |
Mboe | 45,187 | 48,891 | 49,115 | 45,187 | 49,115 | ||||||||||||||||||
| Mboe/d | 502 | 531 | 546 | 502 | 546 | |||||||||||||||||||
16 Feed gas volumes purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.
17 Beaumont New Ammonia production volume is 113.3 kT in Q1 2026 and YTD 2026.
|
13
|
First quarter report for period ended 31 March 2026
|
|||||
Sales volumes
| Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| Gas |
MMscf/d | 2,016 | 1,924 | 1,968 | 2,016 | 1,968 | ||||||||||||||||||
| Liquids |
Mbbl/d | 218 | 232 | 213 | 218 | 213 | ||||||||||||||||||
| Ammonia |
kT/d | 1 | - | - | 1 | - | ||||||||||||||||||
| Total sales volumes |
Mboe/d | 575 | 569 | 559 | 575 | 559 | ||||||||||||||||||
|
Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| AUSTRALIA |
||||||||||||||||||||||||
| LNG |
||||||||||||||||||||||||
| North West Shelf |
Mboe | 7,464 | 5,797 | 6,887 | 7,464 | 6,887 | ||||||||||||||||||
| Pluto |
Mboe | 11,905 | 11,703 | 9,676 | 11,905 | 9,676 | ||||||||||||||||||
| Wheatstone |
Mboe | 2,616 | 2,974 | 2,217 | 2,616 | 2,217 | ||||||||||||||||||
| Total |
Mboe | 21,985 | 20,474 | 18,780 | 21,985 | 18,780 | ||||||||||||||||||
| Pipeline gas |
||||||||||||||||||||||||
| Bass Strait |
Mboe | 2,566 | 3,456 | 3,299 | 2,566 | 3,299 | ||||||||||||||||||
| Other18 |
Mboe | 2,498 | 3,440 | 3,584 | 2,498 | 3,584 | ||||||||||||||||||
| Total |
Mboe | 5,064 | 6,896 | 6,883 | 5,064 | 6,883 | ||||||||||||||||||
| Crude oil and condensate |
||||||||||||||||||||||||
| North West Shelf |
Mbbl | 682 | 1,225 | 1,229 | 682 | 1,229 | ||||||||||||||||||
| Pluto |
Mbbl | 1,192 | 661 | 705 | 1,192 | 705 | ||||||||||||||||||
| Wheatstone |
Mbbl | 268 | 648 | 334 | 268 | 334 | ||||||||||||||||||
| Bass Strait |
Mbbl | 528 | - | 534 | 528 | 534 | ||||||||||||||||||
| Ngujima-Yin |
Mbbl | 669 | 747 | 663 | 669 | 663 | ||||||||||||||||||
| Okha |
Mbbl | 251 | 654 | - | 251 | - | ||||||||||||||||||
| Macedon & Pyrenees |
Mbbl | 1 | 438 | 499 | 1 | 499 | ||||||||||||||||||
| Total |
Mboe | 3,591 | 4,373 | 3,964 | 3,591 | 3,964 | ||||||||||||||||||
| NGL |
||||||||||||||||||||||||
| North West Shelf |
Mbbl | - | 223 | 477 | - | 477 | ||||||||||||||||||
| Pluto |
Mbbl | - | 66 | 110 | - | 110 | ||||||||||||||||||
| Bass Strait |
Mbbl | 866 | 598 | 226 | 866 | 226 | ||||||||||||||||||
| Total |
Mboe | 866 | 887 | 813 | 866 | 813 | ||||||||||||||||||
|
Total Australia |
Mboe | 31,506 | 32,630 | 30,440 | 31,506 | 30,440 | ||||||||||||||||||
| Mboe/d | 350 | 355 | 338 | 350 | 338 | |||||||||||||||||||
18 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
|
14
|
First quarter report for period ended 31 March 2026
|
|||||
| Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| INTERNATIONAL |
||||||||||||||||||||||||
| Pipeline gas |
||||||||||||||||||||||||
| USA19 |
Mboe | 386 | 331 | 387 | 386 | 387 | ||||||||||||||||||
| Trinidad & Tobago |
Mboe | - | - | 2,274 | - | 2,274 | ||||||||||||||||||
| Other20 |
Mboe | 3 | 5 | 4 | 3 | 4 | ||||||||||||||||||
| Total |
Mboe | 389 | 336 | 2,665 | 389 | 2,665 | ||||||||||||||||||
| Crude oil and condensate |
||||||||||||||||||||||||
| Atlantis |
Mbbl | 2,728 | 2,729 | 2,494 | 2,728 | 2,494 | ||||||||||||||||||
| Mad Dog |
Mbbl | 2,733 | 2,710 | 2,620 | 2,733 | 2,620 | ||||||||||||||||||
| Shenzi |
Mbbl | 1,894 | 1,931 | 2,202 | 1,894 | 2,202 | ||||||||||||||||||
| Trinidad & Tobago |
Mbbl | - | - | 43 | - | 43 | ||||||||||||||||||
| Sangomar |
Mbbl | 6,822 | 7,603 | 6,521 | 6,822 | 6,521 | ||||||||||||||||||
| Other20 |
Mbbl | 89 | 41 | 57 | 89 | 57 | ||||||||||||||||||
| Total |
Mboe | 14,266 | 15,014 | 13,937 | 14,266 | 13,937 | ||||||||||||||||||
| NGL |
||||||||||||||||||||||||
| USA |
Mbbl | 522 | 350 | 371 | 522 | 371 | ||||||||||||||||||
| Other20 |
Mbbl | 2 | 3 | 2 | 2 | 2 | ||||||||||||||||||
| Total |
Mboe | 524 | 353 | 373 | 524 | 373 | ||||||||||||||||||
| Ammonia |
||||||||||||||||||||||||
| Beaumont New Ammonia21 |
Mboe | 249 | - | - | 249 | - | ||||||||||||||||||
| Total |
Mboe | 249 | - | - | 249 | - | ||||||||||||||||||
|
Total International |
Mboe | 15,428 | 15,703 | 16,975 | 15,428 | 16,975 | ||||||||||||||||||
| Mboe/d | 171 | 171 | 189 | 171 | 189 | |||||||||||||||||||
|
MARKETING22 |
||||||||||||||||||||||||
| LNG |
Mboe | 4,400 | 3,341 | 2,750 | 4,400 | 2,750 | ||||||||||||||||||
| Liquids |
Mboe | 384 | 695 | 104 | 384 | 104 | ||||||||||||||||||
| Total |
Mboe | 4,784 | 4,036 | 2,854 | 4,784 | 2,854 | ||||||||||||||||||
| Total Marketing |
Mboe | 4,784 | 4,036 | 2,854 | 4,784 | 2,854 | ||||||||||||||||||
|
Total sales volumes |
Mboe | 51,718 | 52,369 | 50,269 | 51,718 | 50,269 | ||||||||||||||||||
| Mboe/d | 575 | 569 | 559 | 575 | 559 | |||||||||||||||||||
19 Restated additional volumes of 0.09 MMboe in Q1 2025 to reflect a revised MMBtu to boe conversion factor.
20 Overriding royalty interests held in the USA for several producing wells.
21 Beaumont New Ammonia sales volumes are 67.6 kT in Q1 2026 and YTD 2026.
22 Purchased volumes sourced from third parties.
|
15
|
First quarter report for period ended 31 March 2026
|
|||||
Operating revenue (US$ million)
| Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||
| AUSTRALIA |
||||||||||||||||||||
| North West Shelf |
448 | 381 | 535 | 448 | 535 | |||||||||||||||
| Pluto |
766 | 800 | 712 | 766 | 712 | |||||||||||||||
| Wheatstone |
180 | 230 | 199 | 180 | 199 | |||||||||||||||
| Bass Strait |
232 | 212 | 228 | 232 | 228 | |||||||||||||||
| Macedon |
56 | 54 | 52 | 56 | 52 | |||||||||||||||
| Ngujima-Yin |
48 | 48 | 57 | 48 | 57 | |||||||||||||||
| Okha |
25 | 44 | - | 25 | - | |||||||||||||||
| Pyrenees |
- | 29 | 44 | - | 44 | |||||||||||||||
| Revenue from sale of products |
1,755 | 1,798 | 1,827 | 1,755 | 1,827 | |||||||||||||||
| Intersegment revenue |
(50) | (44) | (2) | (50) | (2) | |||||||||||||||
| Processing and services revenue |
53 | 29 | 74 | 53 | 74 | |||||||||||||||
| Total Australia |
1,758 | 1,783 | 1,899 | 1,758 | 1,899 | |||||||||||||||
| INTERNATIONAL |
||||||||||||||||||||
| Atlantis |
199 | 169 | 191 | 199 | 191 | |||||||||||||||
| Mad Dog |
190 | 159 | 190 | 190 | 190 | |||||||||||||||
| Shenzi |
138 | 117 | 167 | 138 | 167 | |||||||||||||||
| Trinidad & Tobago23 |
- | - | 66 | - | 66 | |||||||||||||||
| Sangomar |
524 | 479 | 481 | 524 | 481 | |||||||||||||||
| Other24 |
42 | 2 | 3 | 42 | 3 | |||||||||||||||
| Revenue from sale of products |
1,093 | 926 | 1,098 | 1,093 | 1,098 | |||||||||||||||
| Total International |
1,093 | 926 | 1,098 | 1,093 | 1,098 | |||||||||||||||
| MARKETING |
||||||||||||||||||||
| Revenue from sale of products |
360 | 273 | 312 | 360 | 312 | |||||||||||||||
| Intersegment revenue |
50 | 44 | 2 | 50 | 2 | |||||||||||||||
| Shipping and other revenue |
- | 9 | 4 | - | 4 | |||||||||||||||
| Total Marketing25 |
410 | 326 | 318 | 410 | 318 | |||||||||||||||
|
Operating revenue26 |
3,261 | 3,035 | 3,315 | 3,261 | 3,315 | |||||||||||||||
23 Includes the impact of periodic adjustments related to the production sharing contract (PSC).
24 Includes revenue from Beaumont New Ammonia and overriding royalty interests held in the USA for several producing wells.
25 Values include revenue generated from purchased LNG and Liquids volumes, as well as the marketing margin on the sale of Woodside’s
25 LNG and Liquids portfolio. Marketing revenue excludes hedging impacts and cargo swaps where a Woodside produced cargo is sold and repurchased from the same counterparty to optimise the portfolio. The margin for these cargo swaps is recognised net in other income.
26 Operating revenue excludes all hedging impacts.
|
16
|
First quarter report for period ended 31 March 2026
|
|||||
Realised prices
| Units | Q1 2026 |
Q4 2025 |
Q1 2025 |
Units | Q1 2026 |
Q4 2025 |
Q1 2025 |
|||||||||||||||||||||
| LNG produced |
$/MMBtu | 9.0 | 9.4 | 10.6 | $/boe | 57 | 59 | 67 | ||||||||||||||||||||
| LNG traded27 |
$/MMBtu | 10.0 | 9.9 | 13.7 | $/boe | 65 | 62 | 86 | ||||||||||||||||||||
| Pipeline gas |
$/boe | 44 | 39 | 36 | ||||||||||||||||||||||||
| Oil and condensate |
$/bbl | 77 | 62 | 74 | $/boe | 77 | 62 | 74 | ||||||||||||||||||||
| NGL |
$/bbl | 38 | 37 | 47 | $/boe | 38 | 37 | 47 | ||||||||||||||||||||
| Liquids traded27 |
$/bbl | 85 | 54 | 70 | $/boe | 85 | 54 | 70 | ||||||||||||||||||||
| Average realised price for pipeline gas: | ||||||||||||||||||||||||||||
| Western Australia |
A$/GJ | 7.0 | 6.9 | 6.9 | ||||||||||||||||||||||||
| East Coast Australia |
A$/GJ | 14.1 | 12.6 | 14.0 | ||||||||||||||||||||||||
|
International28 |
$/Mcf | 5.7 | 4.3 | 4.8 | ||||||||||||||||||||||||
| Average realised price | $/boe | 63 | 57 | 64 | ||||||||||||||||||||||||
| Dated Brent |
$/bbl | 81 | 64 | 76 | ||||||||||||||||||||||||
| JCC (lagged three months) |
$/bbl | 72 | 72 | 78 | ||||||||||||||||||||||||
| WTI |
$/bbl | 72 | 59 | 71 | ||||||||||||||||||||||||
| JKM |
$/MMBtu | 10.4 | 11.2 | 14.7 | ||||||||||||||||||||||||
| TTF |
$/MMBtu | 10.8 | 10.8 | 14.6 | ||||||||||||||||||||||||
Average realised price increased 11% from the prior quarter primarily due to:
| • | LNG traded sales from the Woodside portfolio at higher spot market prices; and |
| • | Oil and condensate and liquids traded sales at higher Dated Brent and West Texas Intermediate (WTI) market prices. The oil and condensate quarterly realised price includes a revenue adjustment of $75 million which will be reported within “other income” in the Financial Statements. This adjustment represents the increase in market prices between the date revenue is recognised, based on provisional pricing and the expected final price paid by the customer. |
27 Excludes any additional benefit attributed to produced volumes through third-party trading activities.
28 Sales volumes have been restated to reflect volumes sold in MMBtu at a revised boe conversion factor impacting realised price by -$0.2/Mcf for International pipeline gas and -$1/boe for Group in Q1 2025.
|
17
|
First quarter report for period ended 31 March 2026
|
|||||
Capital expenditure (US$ million)
| Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||
| Evaluation capitalised29 |
9 | 7 | 12 | 9 | 12 | |||||||||||||||
| Property plant & equipment |
1,686 | 1,443 | 1,790 | 1,686 | 1,790 | |||||||||||||||
| Cash contributions from participants |
(847) | (600) | - | (847) | - | |||||||||||||||
|
Other30 |
5 | (28) | 4 | 5 | 4 | |||||||||||||||
| Capital expenditure |
853 | 822 | 1,806 | 853 | 1,806 | |||||||||||||||
|
Acquisitions |
470 | - | - | 470 | - | |||||||||||||||
| Total capital expenditure and acquisitions |
1,323 | 822 | 1,806 | 1,323 | 1,806 | |||||||||||||||
|
|
||||||||||||||||||||
| Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||
| Scarborough |
275 | 389 | 322 | 275 | 322 | |||||||||||||||
| Trion |
171 | 186 | 315 | 171 | 315 | |||||||||||||||
| Louisiana LNG capital expenditure |
872 | 505 | 901 | 872 | 901 | |||||||||||||||
| Cash contributions from participants |
(847) | (600) | - | (847) | - | |||||||||||||||
| Louisiana LNG other30 |
5 | (37) | - | 5 | - | |||||||||||||||
| Louisiana LNG |
30 | (132) | 901 | 30 | 901 | |||||||||||||||
| Other |
377 | 379 | 268 | 377 | 268 | |||||||||||||||
| Capital expenditure |
853 | 822 | 1,806 | 853 | 1,806 | |||||||||||||||
29 Project final investment decisions result in amounts of previously capitalised exploration and evaluation expense (from current and prior years) being transferred to property plant & equipment. This table does not reflect the impact of such transfers.
30 Other primarily incorporates Louisiana LNG net payments to/from Williams for Driftwood Pipeline LLC associated with 2025 capital reimbursement included in sell-down proceeds and ongoing cash call payments.
|
18
|
First quarter report for period ended 31 March 2026
|
|||||
| Other expenditure (US$ million) |
| |||||||||||||||||||
| Exploration and evaluation expenditure | Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
|||||||||||||||
| Exploration capitalised29,31 |
40 | 18 | 5 | 40 | 5 | |||||||||||||||
| Exploration and evaluation expensed32 |
50 | 56 | 35 | 50 | 35 | |||||||||||||||
| Permit amortisation |
2 | — | 3 | 2 | 3 | |||||||||||||||
| Total |
92 | 74 | 43 | 92 | 43 | |||||||||||||||
| Trading costs | Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
|||||||||||||||
| Australia |
49 | 58 | 39 | 49 | 39 | |||||||||||||||
| Marketing |
338 | 232 | 193 | 338 | 193 | |||||||||||||||
| Total |
387 | 290 | 232 | 387 | 232 | |||||||||||||||
| Abandonment expenditure | Q1 2026 |
Q4 2025 |
Q1 2025 |
YTD 2026 |
YTD 2025 |
|||||||||||||||
| Total |
116 | 165 | 257 | 116 | 257 | |||||||||||||||
31 Exploration capitalised represents expenditure on successful and pending wells, plus permit acquisition costs during the period and is net of well costs reclassified to expense on finalisation of well results.
32 Includes seismic and general permit activities and other exploration costs.
|
19
|
First quarter report for period ended 31 March 2026
|
|||||
Exploration or appraisal wells drilled
| Region | Permit area |
Well | Target | Interest (%) |
Spud date | Water depth (m) |
Actual well depth (m)33 |
Remarks | ||||||||
| United States | GC 680 | Bandit-1 | Oil | 17.5% Non-operator |
2 September 2025 |
1,555 | 11,139 | Encountered oil in Miocene interval | ||||||||
33 Well depths are referenced to the rig rotary table.
|
20
|
First quarter report for period ended 31 March 2026
|
|||||
Permits and licences
Key changes to permit and licence holdings during the quarter ended 31 March 2026 are noted below.
| Region | Permits or licence areas |
Change in interest (%) |
Current interest (%) |
Remarks | ||||||||
|
Australia |
WA-28-P |
|
(100.0 |
%) |
|
— |
|
Permit expired | ||||
| United States |
WR 443, WR 444, WR 488 |
|
80 |
% |
|
80 |
% |
Awarded | ||||
|
KC 259, KC 301, KC 343, KC 431, WR 577 |
|
100 |
% |
|
100 |
% |
Awarded | |||||
|
21
|
First quarter report for period ended 31 March 2026
|
|||||
Production rates
Average daily production rates (100% project) for the quarter ended 31 March 2026:
| Woodside share34 |
Production rate (100% project, Mboe/d) |
Remarks | ||||||
| Mar | Dec | |||||||
| 2026 | 2025 | |||||||
| AUSTRALIA |
||||||||
| NWS Project |
||||||||
| LNG |
30.04% | 210 | 220 | Production was lower due to impact from adverse weather. | ||||
| Crude oil and condensate | 30.07% | 35 | 39 | |||||
| NGL |
30.09% | 7 | 9 | |||||
| Pluto LNG |
||||||||
| LNG |
90.00% | 109 | 118 | Production was lower due to impact from adverse weather. | ||||
| Crude oil and condensate |
90.00% | 9 | 10 | |||||
| Pluto-KGP Interconnector |
||||||||
| LNG |
100.00% | 27 | 20 | LNG production was higher due to increased feed gas to Karratha Gas Plant. | ||||
| Crude oil and condensate |
100.00% | 1 | 1 | |||||
| NGL |
100.00% | - | 1 | |||||
| Wheatstone35 |
||||||||
| LNG |
11.78% | 211 | 235 | Production was lower due to impact from adverse weather. | ||||
| Crude oil and condensate |
16.21% | 29 | 31 | |||||
| Bass Strait |
||||||||
| Pipeline gas |
46.95% | 65 | 73 | Pipeline gas production was lower due to reduced seasonal demand and planned offshore maintenance activities. | ||||
| Crude oil and condensate | 42.16% | 9 | 9 | |||||
| NGL |
44.70% | 16 | 15 | |||||
| Australia Oil |
||||||||
| Ngujima-Yin |
60.00% | 12 | 18 | Production was lower due to impact from adverse weather and planned shipyard maintenance for Okha. | ||||
| Okha | 50.00% | 7 | 10 | |||||
| Pyrenees |
63.40% | 6 | 7 | |||||
|
Other |
||||||||
| Pipeline gas36 | 28 | 40 | Production was lower due to reduced nominations. | |||||
34 Woodside share reflects the net realised interest for the period.
35 The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has a 65% participating interest and is the operator.
36 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
|
22
|
First quarter report for period ended 31 March 2026
|
|||||
| Woodside share37 |
Production rate (100% project, Mboe/d) |
Remarks | ||||||
| Mar | Dec | |||||||
| 2026 |
2025 |
|||||||
| INTERNATIONAL |
||||||||
| Atlantis |
||||||||
| Crude oil and condensate |
38.50% | 79 | 78 | |||||
| NGL | 38.50% | 7 | 4 | |||||
| Pipeline gas |
38.50% | 10 | 8 | |||||
| Mad Dog |
||||||||
| Crude oil and condensate |
20.86% | 147 | 146 | |||||
| NGL | 20.86% | 7 | 5 | |||||
| Pipeline gas | 20.86% | 3 | 3 | |||||
| Shenzi |
||||||||
| Crude oil and condensate | 64.60% | 33 | 33 | |||||
| NGL | 64.65% | 3 | 2 | |||||
| Pipeline gas | 64.57% | 1 | 1 | |||||
| Sangomar |
||||||||
| Crude oil | 79.79%38 | 100 | 99 | |||||
| Beaumont New Ammonia |
||||||||
| Ammonia39 | 100.00% | 5 | - | Plant commissioning and start-up. | ||||
37 Woodside share reflects the net realised interest for the period.
38 Operations governed by production sharing contracts.
39 Beaumont New Ammonia production rate is 1 kT/d in Mar 2026.
|
23
|
First quarter report for period ended 31 March 2026
|
|||||
Disclaimer and important notice
Forward looking statements
This report contains forward-looking statements. These statements may relate to Woodside’s business, goals, targets, aspirations, plans, expectations, market conditions, results of operations and financial condition, including but not limited to, statements regarding the timing, completion and outcomes of transactions, construction costs and capital expenditures, supply and demand for Woodside’s products, development, completion and execution of Woodside’s projects, the expected benefits, cash flows and rates of return or other future results of investments, strategies and transactions, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for renewables production capacity and investments in, and development of, renewables projects, expectations and guidance with respect to production, production costs and other costs, capital expenditure, abandonment expenditure, exploration expenditure and gas hub exposure, trends in commodity prices and currency exchange rates, adoption and implementation of new technologies and expectations regarding the achievement of Woodside’s Scope 1 and 2 greenhouse gas emissions targets and Scope 3 investment and emissions abatement targets (in each case on a net equity or gross equity basis as specified) and other climate and sustainability goals. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as “aim”, “anticipate”, “aspire”, “believe”, “enable”, “estimate”, “expect”, “forecast”, “foresee”, “guidance”, “intend”, “likely”, “may”, “objective”, “outlook”, “pathway”, “plan”, “position”, “potential”, “project”, “schedule”, “seek”, “should”, “strategy”, “strive”, “target”, “will” and other similar words or expressions.
Forward-looking statements in this report are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of future expectations that are based on management’s current expectations. Those statements and any assumptions on which they are based are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements and the assumptions on which they are based include, but are not limited to, fluctuations in commodity prices, actual demand for Woodside products, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve and resource estimates, loss of market, industry competition, pace of technology developments, sustainability and environmental risks, climate related transition and physical risks, safety and personnel risks, changes in accounting standards, economic and financial markets conditions in various countries and regions, the actions of third parties, project delay or advancement, regulatory approvals, political risks and the impact of armed conflict and political instability (such as the ongoing conflicts in Ukraine and in the Middle East) on economic activity and oil and gas supply and demand, cost estimates, legislative, fiscal and regulatory developments, including those related to the imposition of tariffs and other trade restrictions, and the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, the impact of general economic conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets and risks associated with acquisitions, mergers and joint ventures, including difficulties integrating or separating businesses, uncertainty associated with financial projections, restructuring, increased costs and adverse tax consequences, and uncertainties and liabilities associated with acquired and divested properties and businesses.
A more detailed summary of the key risks relating to Woodside and its business can be found in the “Risk” section of Woodside’s most recent Annual Report released to the Australian Securities Exchange and in Woodside’s most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. You should review and have regard to these risks when considering the information contained in this report.
If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this report.
Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. None of Woodside nor any of its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives, nor any person named in this report or involved in the preparation of the information in this report, makes any representation, assurance, guarantee or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any outcomes, events or results expressed or implied in any forward-looking statement in this report. All forward-looking statements contained in this report reflect Woodside’s views held as at the date of this report and, except as required by applicable law, neither Woodside, its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives nor any person named in this report or involved in the preparation of the information in this report intends to, undertakes to, or assumes any obligation to, provide any additional information or update or revise any of these statements after the date of this report, either to make them conform to actual results or as a result of new information, future events or results, changes in Woodside’s expectations or otherwise. Past performance (including historical financial and operational information) is given for illustrative purposes only. It is not necessarily a reliable indicator of future performance, including future security prices.
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24
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First quarter report for period ended 31 March 2026
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Other important information
All figures are Woodside share for the quarter ending 31 March 2026, unless otherwise stated.
All references to dollars, cents or $ in this report are to US currency, unless otherwise stated.
References to “Woodside” may be references to Woodside Energy Group Ltd and/or its applicable subsidiaries (as the context requires).
| Glossary, units of measure and conversion factors |
Refer to the Glossary in the Annual Report 2025 for definitions, including carbon related definitions.
| Product | Unit | Conversion factor | ||
|
Natural gas |
5,700 scf | 1 boe | ||
|
Condensate |
1 bbl | 1 boe | ||
|
Oil |
1 bbl | 1 boe | ||
|
Natural gas liquids |
1 bbl | 1 boe | ||
|
Ammonia |
1 metric tonne | 3.68 boe | ||
| Facility | Unit | LNG Conversion factor | ||
|
Karratha Gas Plant |
1 tonne | 8.08 boe | ||
|
Pluto LNG Gas Plant |
1 tonne | 8.34 boe | ||
|
Wheatstone |
1 tonne | 8.27 boe | ||
The LNG conversion factor from tonne to boe is specific to volumes produced at each facility and is based on gas composition which may change over time.
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25
|
First quarter report for period ended 31 March 2026
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| Term | Definition | |
|
bbl |
barrel | |
|
bcf |
billion cubic feet of gas | |
|
boe |
barrel of oil equivalent | |
|
GJ |
gigajoule | |
|
kT |
thousand metric tonnes | |
|
NGL |
Natural Gas Liquid | |
|
Mbbl |
thousand barrels | |
|
Mbbl/d |
thousand barrels per day | |
|
Mboe |
thousand barrels of oil equivalent | |
|
Mboe/d |
thousand barrels of oil equivalent per day | |
|
Mcf |
thousand cubic feet of gas | |
|
MMboe |
million barrels of oil equivalent | |
|
MMBtu |
million British thermal units | |
|
MMscf/d |
million standard cubic feet of gas per day | |
|
Mtpa |
million tonnes per annum | |
|
PJ |
petajoule | |
|
scf |
standard cubic feet of gas | |
|
TJ |
terajoule | |
| Glossary |
Please refer to the Glossary in the Annual Report 2025 for definitions, including carbon related definitions.
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26
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First quarter report for period ended 31 March 2026
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