Woodside Energy Group Ltd 6-K, filed Jul 29, 2026
Woodside Energy Group Ltd (WDS)
About this 6-K
Woodside Energy Group Ltd filed this 6-K on July 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 July 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: July 29, 2026
| WOODSIDE ENERGY GROUP LTD | ||
| By: | /s/ Damien Gare | |
| Damien Gare Corporate Secretary | ||
Exhibit 99.1
SECOND QUARTER REPORT FOR PERIOD ENDED 30 JUNE 2026
ASX: WDS | NYSE: WDS
Wednesday, 29 July 2026
Sangomar delivers and Scarborough advances
Performance highlights
| • | Delivered quarterly operating revenue of $4,185 million, up 28% on Q1 2026 and achieved a strong average realised price of $85/boe, up 35% on the prior quarter. |
| • | Delivered quarterly production volumes of 41.3 MMboe (454 Mboe/d), down 9% from Q1 2026 due to the planned maintenance at Pluto Train 1 and recovery from cyclone impacts. |
| • | Achieved exceptional operational reliability of more than 99% at Sangomar and Shenzi and more than 97% at North West Shelf Project LNG and Pluto LNG. |
| • | Continued impressive performance at Sangomar, producing at near nameplate capacity with average daily production of 99 Mbbl/d (100% basis, 86 Mbbl/d Woodside share).1 |
| • | Successfully delivered planned maintenance at Pluto Train 1 on schedule and budget, including critical tie-ins for Scarborough. |
Project highlights
| • | The Scarborough Energy Project was 98% complete and remains on budget and on track for first LNG cargo in Q4 2026, with first gas from the Scarborough reservoir achieved subsequent to the period. |
| • | The Trion Project progressed to 64% complete and remains on budget, targeting first oil in 2028. |
| • | The Louisiana LNG Project remains on budget, targeting first LNG in 2029; it is 28% complete with Train 1 35% complete. |
Business and portfolio highlights
| • | Exercised pre-emption rights to acquire PetroChina International Investment (Australia) Pty Ltd’s (CNPC) 10.67% participating interest in the Browse Joint Venture (BJV).2 |
| • | Entered a sale and purchase agreement with Alcoa for the supply of 31.1 PJ of domestic gas over the period 2027 to 2030. |
| • | Subsequent to the period, completed the transfer of operatorship for the Gippsland Basin assets from ExxonMobil to Woodside. |
| • | Completion of the asset swap with Chevron targeted for Q4 2026 remains on track. |
1 Higher net production percentage reflects accelerated recovery of 100% Woodside-funded pre-FID costs under the PSC entitlement, driven by high oil price.
2 Completion of the transaction is subject to customary conditions precedent, including regulatory approvals. See “Woodside exercises Browse pre-emption right” announced 12 June 2026 for details. Woodside’s equity interest in the BJV will increase to 41.27% following successful completion of the transaction.
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1
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Second quarter report for period ended 30 June 2026
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2026 full-year guidance
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Prior
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Current
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| Total production volumes3 | MMboe | 172-186 | 174-185 | |||||
| Gas hub exposure4 | % | ~30 | No change | |||||
| Capital expenditure5678 | $ 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 | |||||
3 Total production volumes includes 2-3 MMboe from Beaumont New Ammonia (no change).
4 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.
5 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.
6 Scarborough at 74.9% participating interest, Pluto Train 2 at 51% participating interest.
7 Trion at 60% participating interest.
8 Completion of the asset swap with Chevron assumed in Q4 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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2
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Second quarter report for period ended 30 June 2026
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Woodside CEO Liz Westcott said the company continued to deliver safe and strong operational performance across its global portfolio while efficiently executing major growth projects.
“We delivered production of 41.3 million barrels of oil equivalent in the second quarter, highlighted by outstanding reliability of 99.3% at Sangomar and 99.2% at Shenzi.
“Sustained production performance and asset reliability have provided greater certainty around expected full-year outcomes, supporting a narrower production guidance range for 2026.
“Strong realised prices supported earnings and cash generation, highlighting the resilience of our diversified portfolio amid ongoing macroeconomic and commodity price volatility.
“We continue to deliver our major growth projects to budget and schedule. The Scarborough Energy Project is 98% complete and remains on track for first LNG cargo in the fourth quarter of 2026. The successful completion of the Pluto planned maintenance during the quarter marked a key milestone in preparing for Pluto Train 2 integration and processing of Scarborough gas.
“At the end of the quarter Trion was 64% complete, with first oil targeted in 2028. At Louisiana LNG, the foundation phase continues to advance to plan, with the project 28% complete and targeting first LNG in 2029.
“During the quarter, we exercised our pre-emption right to acquire PetroChina International Investment’s 10.67% interest in Browse, reinforcing our commitment to progressing the Browse to North West Shelf development concept. We believe Browse has the potential to create enduring shareholder value while delivering significant long-term economic benefits for Australia.
“A new gas sales and purchase agreement to supply Alcoa’s Western Australian alumina refining operations demonstrated Woodside’s ongoing contribution to supporting the state’s energy security and supplying the domestic market.
“Subsequent to the quarter, we assumed operatorship of the important Gippsland Basin assets, reinforcing Woodside’s role as a reliable gas supplier to Australia’s east coast.
“We are also continuing to focus on our sustainability performance, announcing a $5 million multi-year biodiversity program in Louisiana that builds on similar initiatives in Western Australia.”
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3
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Second quarter report for period ended 30 June 2026
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Comparative performance at a glance
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Q2 2026 |
Q1 |
Change % |
Q2 |
Change % |
YTD 2026 |
YTD 2025 |
Change % | |||||||||||
|
Operating revenue |
$ million | 4,185 | 3,261 | 28% | 3,275 | 28% | 7,446 | 6,590 | 13% | |||||||||
| Production volumes9 |
MMboe | 41.3 | 45.2 | (9%) | 50.1 | (18%) | 86.5 | 99.2 | (13%) | |||||||||
| Gas |
MMscf/d | 1,326 | 1,578 | (16%) | 1,825 | (27%) | 1,451 | 1,833 | (21%) | |||||||||
| Liquids |
Mbbl/d | 214 | 221 | (3%) | 230 | (7%) | 217 | 226 | (4%) | |||||||||
| Ammonia |
kT/d | 1.8 | 1.3 | 38% | — | —% | 1.5 | — | —% | |||||||||
| Total |
Mboe/d | 454 | 502 | (10%) | 550 | (17%) | 478 | 548 | (13%) | |||||||||
| Sales volumes10 |
MMboe | 48.0 | 51.7 | (7%) | 54.5 | (12%) | 99.8 | 104.8 | (5%) | |||||||||
| Gas |
MMscf/d | 1,672 | 2,016 | (17%) | 2,056 | (19%) | 1,843 | 2,012 | (8%) | |||||||||
| Liquids |
Mbbl/d | 227 | 218 | 4% | 238 | (5%) | 223 | 226 | (1%) | |||||||||
| Ammonia |
kT/d | 2.1 | 0.8 | 163% | — | —% | 1.4 | — | —% | |||||||||
| Total |
Mboe/d | 528 | 575 | (8%) | 599 | (12%) | 551 | 579 | (5%) | |||||||||
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Average realised price |
$/boe | 85 | 63 | 35% | 59 | 44% | 74 | 62 | 19% | |||||||||
| Capital expenditure and acquisitions |
$ million | 784 | 1,323 | (41%) | 752 | 4% | 2,107 | 2,558 | (18%) | |||||||||
| Capital expenditure11 |
$ million | 784 | 853 | (8%) | 752 | 4% | 1,637 | 2,558 | (36%) | |||||||||
| Acquisitions |
$ million | — | 470 | (100%) | — | —% | 470 | — | —% | |||||||||
9 Percent change in total production may differ from percent change in daily production due to the number of days in each quarter.
10 Restated additional volumes of 0.10 MMboe in Q2 2025 and 0.19 MMboe in YTD 2025 to reflect a revised MMBtu to boe conversion factor.
11 Louisiana LNG YTD 2026 project spend includes $344 million of prepayments recognised in investing cash flow that are recoverable through partner cash calls but are not yet recognised as capital expenditure.
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4
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Second quarter report for period ended 30 June 2026
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Operations
Pluto LNG
| • | Achieved quarterly LNG reliability of 97.6%. |
| • | Successfully executed the planned maintenance in May 2026 on budget and schedule. This included key integration scopes for the Scarborough Energy Project. |
| • | Preparing for start-up of the XNA-03 infill well, targeted for H2 2026. |
North West Shelf (NWS) Project
| • | Achieved quarterly LNG reliability of 97.8%. |
| • | Approved the drilling rig contract for the Greater Western Flank Phase 4 Project with drilling targeted to commence in Q2 2027, and production targeted in 2028. |
| • | Continued preparation for the scheduled single train LNG planned maintenance targeting commencement in September 2026. |
Wheatstone and Julimar-Brunello
| • | Completed subsea construction for the Julimar Development Phase 3 project, with start-up targeted for H2 2026. |
| • | LNG production at Wheatstone was impacted following an unplanned outage caused by Severe Tropical Cyclone Narelle. Repairs were completed in April 2026. |
| • | Commenced decommissioning of three Julimar-Brunello exploration wells, with completion a condition precedent for the asset swap with Chevron. |
| • | Completion of the asset swap with Chevron is targeted for Q4 2026.12 Completion of the transaction will streamline Woodside’s operations and consolidate focus on our operated LNG assets. |
12 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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5
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Second quarter report for period ended 30 June 2026
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Bass Strait
| • | Achieved reliability of 92% during the quarter. |
| • | Completed planned shutdowns of the Marlin A and Marlin B platforms. |
| • | Completed drilling of the remaining three wells for the Turrum Phase 3 Project, completing the five-well drilling program. The wells will now undergo completion activities with first production targeted for H1 2027. |
| • | Subsequent to the period, completed the transfer of operatorship of the Gippsland Basin assets from ExxonMobil to Woodside on 1 July 2026, following the satisfaction of the conditions precedent to the transaction. |
Other Australia
| • | The Okha FPSO completed scheduled shipyard activities as planned. Assessment and remediation planning are underway following identification of a subsea mooring system defect during routine inspection, with production yet to resume. |
| • | Oil production at the Pyrenees FPSO was impacted following damage caused by Severe Tropical Cyclone Narelle. The FPSO safely reconnected and production partially resumed, with assessment ongoing to support a return to full production. |
Sangomar
| • | Achieved an average daily production rate of 99 Mbbl/d (100% basis, 86 Mbbl/d Woodside share) with reliability of 99.3%.13 |
| • | Reservoir performance continues to exceed expectations, particularly in the lower S500 reservoirs. This has been the result of greater than anticipated aquifer pressure support which, together with rigorous well and network optimisation, enabled an extended initial plateau and some mitigation of decline rates now being experienced. |
| • | Evaluation continued for a potential Phase 2 development targeting the upper S400 reservoirs. |
| • | Engagements with Petrosen and the government on a potential Phase 2 development are ongoing. |
13 Higher net production percentage reflects accelerated recovery of 100% Woodside-funded pre-FID costs under the PSC entitlement, driven by high oil price.
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6
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Second quarter report for period ended 30 June 2026
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Gulf of America
| • | Achieved continued high reliability at Shenzi of 99.2%. |
Beaumont New Ammonia
| • | Achieved reliability of 92.2% during the quarter, following Woodside’s assumption of operational control from OCI at the end of the first quarter. |
| • | Production was constrained to approximately 69% of nameplate capacity due to third-party feedstock availability. Interim feedstock arrangements are expected to remain in place into 2027, pending progress on long-term third-party feedstock infrastructure. |
| • | Commencement of lower-carbon ammonia production remains targeted for 2027, subject to commissioning of Linde’s low-carbon hydrogen facilities and start-up of ExxonMobil’s CCS infrastructure, including approval of the relevant CCS permitting process. |
| • | For the period ended 30 June 2026, sales have been a combination of spot and term cargoes with 24% supplied to the domestic market and 76% to the international market. |
Marketing
Revenue and trading
| • | LNG realised prices improved quarter-on-quarter as global LNG market prices strengthened due to supply constraints, and price lags from Q1 2026 were realised. Price lags from Q2 are expected to be realised in Q3. |
| • | Approximately 21% of LNG sold was linked to gas hub indices during the quarter due to fewer volumes available as a result of the Pluto planned maintenance. |
| • | Global supply interruptions continued in the quarter, supporting increased demand for crude products and strengthening prices. |
| • | The liquids portfolio (oil, condensate and liquids traded) outperformed market pricing through realised premiums. |
| • | In this quarter, marketing sales volumes, marketing revenue and trading costs increased due to higher third-party cargo purchases. These transactions were part of ongoing portfolio optimisation across multiple trades resulting in the redirection of Woodside cargoes. The realised value of these trading activities are expected in the future as these cargoes are delivered, causing fluctuations in earnings across reporting periods. |
Shipping
| • | Delivered the Woodside Bilangara during the quarter to support the start-up of the Scarborough Energy Project. |
| • | Signed five long-term charter parties for LNG carriers commencing in 2029 to support the Louisiana LNG Project. |
Pipeline gas
| • | Executed incremental pipeline gas sales of: |
| ○ | 47.5 PJ to be delivered to the Western Australian market from 2027 to 2030, including a sale and purchase agreement for the supply of 31.1 PJ to Alcoa. |
| ○ | 38.9 PJ to be delivered to the East Coast market from 2026 to 2028. |
Projects
Scarborough Energy Project
| • | The Scarborough and Pluto Train 2 projects remain on budget and were 98% complete at the end of the quarter (excluding Pluto Train 1 modifications). |
| • | All upstream infrastructure is now in place. The Floating Production Unit (FPU) and subsea production system commissioning activities continued. |
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7
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Second quarter report for period ended 30 June 2026
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| • | Subsequent to the period, the FPU achieved ready for start-up status and first gas was achieved from the Scarborough reservoir. The trunkline also achieved ready for start-up status, enabling the commencement of pressurisation of the trunkline from the FPU through to the onshore plant. |
| • | Continued construction and commissioning activities at the Pluto Train 2 site, including completion of the gas turbine generator synchronisation with the Pluto site power grid and mechanical runs of three of the six liquefaction compressors. |
| • | The final module for the Pluto Train 1 modifications was shipped from the yard in Thailand and, subsequent to the quarter, arrived at the Pluto site. |
| • | Continued civil, structural, piping and electrical works for Pluto Train 1 modifications at the Pluto site. |
| • | Multiple integration scopes and tie-ins were successfully completed during the Pluto LNG Train 1 planned maintenance in May 2026. |
| • | First LNG cargo is on track for Q4 2026. |
Trion
| • | The Trion Project remains on budget and was 64% complete at the end of the quarter. |
| • | Progressed drilling campaign, drilling three wells of the 24-well program which commenced in March. |
| • | Commenced subsea equipment deliveries to Mexico, ahead of installation commencing in Q3 2026. |
| • | Completed lift of FPU topside modules onto the hull and commenced integration and pre-commissioning. |
| • | Continued Floating Storage and Offloading structural block fabrication in dry dock. |
| • | Completed fabrication and testing of the disconnectable turret mooring buoy. |
| • | The Trion Project is targeting first oil in 2028. |
Louisiana LNG
| • | The Louisiana LNG Project remains on budget and was 28% complete at the end of the quarter. |
| • | Train 1 was 35% complete at the end of the quarter, with above-ground piping installation and structural steel erection progressed during the period. |
| • | Trains 2 and 3 were 25% and 18% complete respectively at the end of the quarter, with structural steel erection commenced for Train 2 and concrete pilings progressed for Train 3. |
| • | Awarded a services contract valued at more than $300 million for the construction of four tug boats for Louisiana LNG operations, taking total committed spend with Louisiana suppliers beyond $1 billion. |
| • | Ongoing disruptions through the Strait of Hormuz continue to challenge structural steel delivery from Bechtel’s fabrication facility in the United Arab Emirates. Mitigation measures are being implemented, including alternative logistics routes and fabrication sources, to support continuity of steel supply and maintain planned construction schedules beyond 2026. |
| • | Ongoing engagement with high-quality counterparties for equity participation and LNG offtake continues. |
| • | The project is targeting first LNG in 2029. |
Hydrogen Refueller @H2Perth
| • | Successfully completed leak testing and cold commissioning activities. |
| • | Commissioning activities continue on site, with ready for start-up now targeted for Q3 2026 and first hydrogen production expected in H2 2026.14 |
14 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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8
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Second quarter report for period ended 30 June 2026
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Decommissioning
| • | Commenced plug and abandonment (P&A) of eight subsea wells including five North West Shelf Gas wells and three Julimar-Brunello exploration wells. |
| • | Completed the Enfield field seabed survey and analysis campaign. |
| • | Continued offshore decommissioning at Stybarrow with recovery of flexible flowlines, and progressed technical and planning studies across the Stybarrow, Griffin and Minerva projects to support development of forward decommissioning work plans. |
| • | Progressed well P&A activities at the Gippsland Basin Joint Venture with completion of plugging the West Kingfish and Cobia platform wells, and commencement of platform rig operations on Halibut and Tuna platforms. |
| • | Progressed the Bass Strait Offshore Platform Removal Campaign 1 preparation activities, with the Environmental Plan accepted by the National Offshore Petroleum Safety and Environmental Management Authority and upgrades to the onshore reception centre at Barry Beach Marine Terminal commenced. |
Development and exploration
Browse
| • | Continued engagement with regulators to progress environmental approvals. Submitted a revised Browse Carbon Capture and Storage (CCS) environmental referral to the Commonwealth regulator to allow it to be assessed under the amended Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act). Received a determination from the Federal Environment Minister that allows the Browse CCS Project to be assessed wholly under the EPBC Act. The resubmission does not reflect any significant changes to the nature, scope or intent of the Browse CCS project. |
| • | Subsequent to the period, granted State Significant Project status under the Lead Agency Framework by the Western Australian State Government for the Browse to North West Shelf Project. |
Sunrise
| • | Continued engagement by the Sunrise Joint Venture with the Governments of Timor-Leste and Australia to advance the fiscal and regulatory frameworks supporting the potential development of Sunrise. |
| • | Progressed technical and commercial activities under the Timor-Leste Cooperation Agreement to support maturation of a potential Timor-based LNG concept. |
Calypso
| • | Woodside’s project evaluation continued to progress, including assessment of Calypso’s relative value within Woodside’s portfolio. |
| • | For the period ended 30 June 2026, impairment losses relating to the Calypso Project are expected. Refer to page 10 for further detail. |
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9
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Second quarter report for period ended 30 June 2026
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Exploration
| • | Woodside was awarded the two leases in the US Gulf of America where Woodside was the successful bidder from the Big Beautiful Gulf 2 Lease Sale held in March 2026. |
| • | Entered into a non-binding memorandum of understanding with the Agência Nacional de Petróleo, Gás e Biocombustíveis to evaluate three blocks in the Benguela and Namibe basins offshore Angola. |
| • | Completed exit activities associated with the Marine XX licence in the Republic of Congo. |
New energy and carbon solutions
H2Perth
| • | In May 2026, the EPA approved Woodside’s application under section 43A of the Environmental Protection Act 1986 (WA) to amend the proposal for the proposed H2Perth Project from its previous concept to a liquefied hydrogen only facility. |
Corporate activities
Chair succession
| • | The Woodside Board has a formal process underway to identify and appoint the Company’s next Chair, to replace Richard Goyder AO who has previously indicated his intention to retire at or before the end of his current term in 2027. |
| • | The selection process will be led by independent Non-executive Director Swee Chen Goh. |
| • | The Board will consider a range of factors in identifying and selecting the next Chair, including leadership capability and experience, governance expertise, strategic insight, stakeholder engagement expertise and the capacity to oversee the creation and maintenance of shareholder value by a global company. |
Structured review
| • | The structured review announced with the Q1 results is progressing. The review is focused on streamlining decision-making, reducing organisational complexity, and identifying efficiency opportunities whilst maintaining safe operational execution and performance. |
| • | A further update on progress will be provided with the half-year results. |
Browse Joint Venture pre-emption
| • | In June Woodside exercised its pre-emption right to acquire CNPC’s 10.67% interest in the BJV. The terms of the transaction include a payment payable upon completion of $225 million plus reimbursement of CNPC’s BJV cash call contributions from 30 June 2025 to the date of completion, and a contingent payment of $175 million payable upon a final investment decision for the development of all of the Brecknock, Calliance and Torosa fields on or before 30 June 2032.15 |
15 Completion of the transaction is subject to customary conditions precedent. See “Woodside Exercises Browse pre-emption right” announced on 12 June 2026. Woodside’s equity interest in the BJV will increase to 41.27% following successful completion of the transaction.
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10
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Second quarter report for period ended 30 June 2026
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Climate and sustainability
| • | Launched the Sam Houston Jones Restoration Project, supporting restoration of threatened habitats and key wildlife species in Louisiana. |
| • | Further progressed the Watheroo Biodiversity Project in Western Australia, with a long-term funding agreement with Department of Biodiversity, Conservation and Attractions. |
| • | Submitted Woodside’s second annual Oil and Gas Methane Partnership 2.0 implementation plan to the United Nations Environment Programme, including results from monitoring and measurement activities in 2025. |
| • | Subsequent to the period, held a Sustainability Focus Session on 22 July 2026 with investors on Woodside’s approach to process safety. |
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11
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Second quarter report for period ended 30 June 2026
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Hedging
| • | As at 30 June 2026, approximately 62% of the 30 MMboe of 2026 oil-linked production previously hedged (at an average price of $74.23 per barrel) had been cash settled. No additional oil-linked corporate hedges were entered into during the quarter and the 2027 hedge position remains unchanged. |
| • | Continued managing risk associated with the Corpus Christi LNG volumes involving Henry Hub and Title Transfer Facility (TTF) commodity swaps. |
| • | For the period ended 30 June 2026, hedge settlements resulted in a net cash outflow of approximately $400 million. This does not directly translate to the profit and loss as cash settlements on oil-linked hedges occur in advance of the related profit and loss impact, resulting in a temporary difference between cash flows and reported earnings. Accordingly, an estimated pre-tax loss of $70 million primarily relating to Corpus Christi LNG hedges and foreign exchange hedges were recognised in the period. The losses relating to oil-linked hedges cash settled during the quarter are expected to be recognised in Q3, and this will be offset by higher revenue from the realisation of price lags from Q2. |
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 period ended 30 June 2026, an unrealised pre-tax loss of approximately $135 million is expected to be recognised through other expense. |
Funding and liquidity
| • | On 29 June 2026, Woodside repaid a $600 million Syndicated Term Loan approximately 6 months prior to maturity, reflecting prudent balance sheet management. |
| • | As at 30 June 2026, Woodside had liquidity of approximately $8,200 million, after paying a fully franked dividend in March, net debt (including lease liabilities) of approximately $9,300 million and gearing of approximately 21%. |
| • | Net debt and gearing was impacted by: |
| ○ | Approximately $600 million of lease liabilities recognised in the first half of 2026, for the Woodside Bilangara LNG vessel and Trion construction related vessels.16 |
| ○ | Net cash outflow of approximately $400 million for hedge settlements. |
| ○ | Higher pricing driving an approximate $100 million increase in trade receivables expected to be received in July. |
16 No change to the forecasted Trion project capital expenditure. Trion construction related vessel leases are for a term of 3 years.
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12
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Second quarter report for period ended 30 June 2026
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2026 half-year results and teleconference
| • | Woodside’s Half-Year Report 2026 and associated investor briefing will be released to the market on Tuesday, 25 August 2026. These will also be available on Woodside’s website at http://www.woodside.com/. |
| • | A teleconference providing an overview of the 2026 half-year results and a question and answer session will be hosted by Woodside CEO and Managing Director, Liz Westcott, and Chief Financial Officer, Graham Tiver, on Tuesday, 25 August 2026 at 10:00 AEST / 08:00 AWST / 18:00 CST (Monday, 24 August 2026). |
| • | We recommend participants pre-register 5-10 minutes prior to the event with one of the following links: |
| ○ |
https://webcast.openbriefing.com/WDS-hyr-2026/ to view the presentation presentation and listen to a live stream of the question and answer session. |
| ○ |
https://s1.c-conf.com/diamondpass/10055832-a iwh8k.html to participate in the question and answer session. Following pre-registration, participants will receive the teleconference details and a unique passcode. |
Upcoming events 2026-2027
| August | 25 |
Half-Year 2026 Results | ||
| October | 21 |
Third Quarter Report | ||
| November | 5 |
2026 Capital Markets Day (Australia) | ||
| 12 |
2026 Capital Markets Day (United States) | |||
| January | 28 |
Fourth Quarter Report | ||
| February | 23 |
2026 Annual Report | ||
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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13
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Second quarter report for period ended 30 June 2026
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2026 half-year line-item guidance
| Statutory | Underlying | Comments | ||||||
| Production costs |
$ million | 730-770 | ||||||
| Feed gas, services and processing costs |
$ million | 230-250 | Includes Pluto Interconnector tolling costs, Pluto feed gas purchases from minority interests, and Beaumont New Ammonia’s operational costs and third-party feedstock purchases. | |||||
| Other (other expense) |
$ million | 290-370 | Includes a non-cash loss of approximately $135 million for the Perdaman embedded derivative, net hedging losses of approximately $70 million and other immaterial items. | |||||
| Impairment losses |
$ million | 160-200 | — | Impairment losses of approximately $160-$200 million (pre- and post-tax), relating to the Calypso Project and other items. Excluded from underlying NPAT. | ||||
| Petroleum rent and resources (PRRT) benefit/expense |
$ million | 210-410 benefit |
190-390 expense |
Includes a statutory PRRT adjustment of approximately $600 million pre-income tax (approximately $420 million post-income tax) relating to the recognition of an additional Pluto PRRT deferred tax asset (DTA) benefit driven by the higher pricing environment. Excluded from underlying NPAT. | ||||
| Income tax expense |
$ million | 570-770 expense |
490-690 expense |
Includes a statutory income tax adjustment of approximately $90 million relating to the recognition of a US income tax DTA benefit for carry forward tax losses expected to be utilised in the future. The US income tax DTA benefit and income tax impact of the Pluto PRRT DTA benefit are excluded from underlying NPAT. | ||||
The presentation of the above statutory line-items aligns to the consolidated income statement and Note A.1 segment revenue and expenses note in Woodside’s 2025 Annual Report. The line-item guidance provided above is preliminary, unaudited and subject to change prior to finalising the 2026 Half-Year Financial Statements.
|
14
|
Second quarter report for period ended 30 June 2026
|
|||||
Production volumes
|
Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| Gas |
MMscf/d | 1,326 | 1,578 | 1,825 | 1,451 | 1,833 | ||||||||||||||||||
| Liquids |
Mbbl/d | 214 | 221 | 230 | 217 | 226 | ||||||||||||||||||
| Ammonia |
kT/d | 1.8 | 1.3 | – | 1.5 | – | ||||||||||||||||||
| Total production volumes |
Mboe/d | 454 | 502 | 550 | 478 | 548 | ||||||||||||||||||
| Production (reserves) | ||||||||||||||||||||||||
| Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| AUSTRALIA |
||||||||||||||||||||||||
| LNG |
||||||||||||||||||||||||
| North West Shelf |
Mboe | 5,491 | 5,678 | 5,375 | 11,169 | 11,770 | ||||||||||||||||||
| Pluto17 |
Mboe | 7,701 | 10,991 | 10,928 | 18,692 | 21,154 | ||||||||||||||||||
| Wheatstone |
Mboe | 1,454 | 2,286 | 2,424 | 3,740 | 4,846 | ||||||||||||||||||
| Total |
Mboe | 14,646 | 18,955 | 18,727 | 33,601 | 37,770 | ||||||||||||||||||
| Pipeline gas |
||||||||||||||||||||||||
| Bass Strait |
Mboe | 3,440 | 2,756 | 3,653 | 6,196 | 6,845 | ||||||||||||||||||
|
Other17,18 |
Mboe | 2,510 | 2,508 | 3,880 | 5,018 | 7,620 | ||||||||||||||||||
| Total |
Mboe | 5,950 | 5,264 | 7,533 | 11,214 | 14,465 | ||||||||||||||||||
| Crude oil and condensate |
||||||||||||||||||||||||
| North West Shelf |
Mbbl | 949 | 953 | 912 | 1,902 | 2,018 | ||||||||||||||||||
| Pluto17 |
Mbbl | 602 | 845 | 890 | 1,447 | 1,737 | ||||||||||||||||||
| Wheatstone |
Mbbl | 271 | 427 | 419 | 698 | 860 | ||||||||||||||||||
| Bass Strait |
Mbbl | 477 | 342 | 457 | 819 | 859 | ||||||||||||||||||
| Macedon & Pyrenees |
Mbbl | 169 | 361 | 558 | 530 | 927 | ||||||||||||||||||
| Ngujima-Yin |
Mbbl | 684 | 653 | 1,084 | 1,337 | 1,809 | ||||||||||||||||||
| Okha |
Mbbl | - | 311 | 587 | 311 | 899 | ||||||||||||||||||
| Total |
Mboe | 3,152 | 3,892 | 4,907 | 7,044 | 9,109 | ||||||||||||||||||
| NGL |
||||||||||||||||||||||||
| North West Shelf |
Mbbl | 191 | 181 | 207 | 372 | 437 | ||||||||||||||||||
| Pluto17 |
Mbbl | 28 | 39 | 47 | 67 | 94 | ||||||||||||||||||
| Bass Strait |
Mbbl | 761 | 630 | 753 | 1,391 | 1,421 | ||||||||||||||||||
| Total |
Mboe | 980 | 850 | 1,007 | 1,830 | 1,952 | ||||||||||||||||||
| Total Australia |
Mboe | 24,728 | 28,961 | 32,174 | 53,689 | 63,296 | ||||||||||||||||||
| Mboe/d | 272 | 322 | 354 | 297 | 350 | |||||||||||||||||||
17 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.
18 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
|
15
|
Second quarter report for period ended 30 June 2026
|
|||||
|
Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| INTERNATIONAL |
||||||||||||||||||||||||
| Pipeline gas |
||||||||||||||||||||||||
| USA |
Mboe | 405 | 446 | 409 | 851 | 787 | ||||||||||||||||||
| Trinidad & Tobago |
Mboe | - | - | 2,205 | - | 4,621 | ||||||||||||||||||
| Other19 |
Mboe | - | 9 | 5 | 9 | 28 | ||||||||||||||||||
| Total |
Mboe | 405 | 455 | 2,619 | 860 | 5,436 | ||||||||||||||||||
| Crude oil and condensate |
||||||||||||||||||||||||
| Atlantis |
Mbbl | 2,526 | 2,721 | 2,604 | 5,247 | 5,076 | ||||||||||||||||||
| Mad Dog |
Mbbl | 2,704 | 2,758 | 2,470 | 5,462 | 5,047 | ||||||||||||||||||
| Shenzi |
Mbbl | 1,859 | 1,896 | 2,021 | 3,755 | 4,343 | ||||||||||||||||||
| Trinidad & Tobago |
Mbbl | - | - | 93 | - | 192 | ||||||||||||||||||
| Sangomar |
Mbbl | 7,854 | 7,152 | 7,396 | 15,006 | 14,406 | ||||||||||||||||||
| Other19 |
Mbbl | 35 | 54 | - | 89 | - | ||||||||||||||||||
| Total |
Mboe | 14,978 | 14,581 | 14,584 | 29,559 | 29,064 | ||||||||||||||||||
| NGL |
||||||||||||||||||||||||
| USA |
Mbbl | 370 | 513 | 398 | 883 | 796 | ||||||||||||||||||
| Other19 |
Mbbl | - | 5 | 3 | 5 | 15 | ||||||||||||||||||
| Total |
Mboe | 370 | 518 | 401 | 888 | 811 | ||||||||||||||||||
|
Total International |
Mboe | 15,753 | 15,554 | 17,604 | 31,307 | 35,311 | ||||||||||||||||||
| Mboe/d | 173 | 173 | 193 | 173 | 195 | |||||||||||||||||||
|
Total production (reserves) volumes |
Mboe | 40,481 | 44,515 | 49,778 | 84,996 | 98,607 | ||||||||||||||||||
| Mboe/d | 445 | 495 | 547 | 470 | 545 | |||||||||||||||||||
| Production (processing) | ||||||||||||||||||||||||
|
Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||||
| AUSTRALIA |
||||||||||||||||||||||||
|
Pluto-KGP Interconnector20 |
||||||||||||||||||||||||
| LNG |
Mboe | 171 | 242 | 169 | 413 | 373 | ||||||||||||||||||
| Pipeline gas |
Mboe | - | - | 95 | - | 162 | ||||||||||||||||||
| Crude oil and condensate |
Mbbl | 6 | 9 | 9 | 15 | 19 | ||||||||||||||||||
| NGL |
Mbbl | 3 | 4 | 5 | 7 | 10 | ||||||||||||||||||
|
Total Australia |
Mboe | 180 | 255 | 278 | 435 | 564 | ||||||||||||||||||
| Mboe/d | 2 | 3 | 3 | 2 | 3 | |||||||||||||||||||
| INTERNATIONAL |
||||||||||||||||||||||||
| Beaumont New Ammonia21 |
Mboe | 609 | 417 | - | 1,026 | - | ||||||||||||||||||
|
Total International |
Mboe | 609 | 417 | - | 1,026 | - | ||||||||||||||||||
| Mboe/d | 7 | 5 | - | 6 | - | |||||||||||||||||||
|
Total production (processing) volumes |
Mboe | 789 | 672 | 278 | 1,461 | 564 | ||||||||||||||||||
| Mboe/d | 9 | 7 | 3 | 8 | 3 | |||||||||||||||||||
|
Total production volumes |
Mboe | 41,270 | 45,187 | 50,056 | 86,457 | 99,171 | ||||||||||||||||||
| Mboe/d | 454 | 502 | 550 | 478 | 548 | |||||||||||||||||||
19 Overriding royalty interests held in the USA for several producing wells.
20 Feed gas volumes purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector, and represents 10% of Pluto-KGP Interconnector volumes.
21 Beaumont New Ammonia production volume is 165.6 kT in Q2 2026 and 278.9 kT in YTD 2026.
|
16
|
Second quarter report for period ended 30 June 2026
|
|||||
Sales volumes
|
Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||
| Gas |
MMscf/d | 1,672 | 2,016 | 2,056 | 1,843 | 2,012 | ||||||||||||||||
| Liquids |
Mbbl/d | 227 | 218 | 238 | 223 | 226 | ||||||||||||||||
| Ammonia |
kT/d | 2.1 | 0.8 | - | 1.4 | - | ||||||||||||||||
| Total sales volumes |
Mboe/d | 528 | 575 | 599 | 551 | 579 | ||||||||||||||||
|
Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||
| AUSTRALIA |
||||||||||||||||||||||
| LNG |
||||||||||||||||||||||
| North West Shelf |
Mboe | 3,922 | 7,464 | 5,059 | 11,386 | 11,946 | ||||||||||||||||
| Pluto |
Mboe | 9,011 | 11,905 | 11,969 | 20,916 | 21,645 | ||||||||||||||||
| Wheatstone |
Mboe | 1,995 | 2,616 | 3,346 | 4,611 | 5,563 | ||||||||||||||||
| Total |
Mboe | 14,928 | 21,985 | 20,374 | 36,913 | 39,154 | ||||||||||||||||
| Pipeline gas |
||||||||||||||||||||||
| Bass Strait |
Mboe | 3,736 | 2,566 | 3,620 | 6,302 | 6,919 | ||||||||||||||||
| Other22 |
Mboe | 2,756 | 2,498 | 3,833 | 5,254 | 7,417 | ||||||||||||||||
| Total |
Mboe | 6,492 | 5,064 | 7,453 | 11,556 | 14,336 | ||||||||||||||||
| Crude oil and condensate |
||||||||||||||||||||||
| North West Shelf |
Mbbl | 1,300 | 682 | 616 | 1,982 | 1,845 | ||||||||||||||||
| Pluto |
Mbbl | 1,011 | 1,192 | 650 | 2,203 | 1,355 | ||||||||||||||||
| Wheatstone |
Mbbl | 427 | 268 | 651 | 695 | 985 | ||||||||||||||||
| Bass Strait |
Mbbl | 619 | 528 | 599 | 1,147 | 1,133 | ||||||||||||||||
| Ngujima-Yin |
Mbbl | 963 | 669 | 1,151 | 1,632 | 1,814 | ||||||||||||||||
| Okha |
Mbbl | - | 251 | 1,256 | 251 | 1,256 | ||||||||||||||||
| Macedon & Pyrenees |
Mbbl | 511 | 1 | 498 | 512 | 997 | ||||||||||||||||
| Total |
Mboe | 4,831 | 3,591 | 5,421 | 8,422 | 9,385 | ||||||||||||||||
| NGL |
||||||||||||||||||||||
| North West Shelf |
Mbbl | 473 | - | - | 473 | 477 | ||||||||||||||||
| Pluto |
Mbbl | 93 | - | - | 93 | 110 | ||||||||||||||||
| Bass Strait |
Mbbl | 437 | 866 | 1,010 | 1,303 | 1,236 | ||||||||||||||||
| Total |
Mboe | 1,003 | 866 | 1,010 | 1,869 | 1,823 | ||||||||||||||||
|
Total Australia |
Mboe | 27,254 | 31,506 | 34,258 | 58,760 | 64,698 | ||||||||||||||||
| Mboe/d | 299 | 350 | 376 | 325 | 357 | |||||||||||||||||
22 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
|
17
|
Second quarter report for period ended 30 June 2026
|
|||||
|
Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||||
| INTERNATIONAL |
||||||||||||||||||||||
| Pipeline gas |
||||||||||||||||||||||
| USA23 |
Mboe | 413 | 386 | 421 | 799 | 808 | ||||||||||||||||
| Trinidad & Tobago |
Mboe | - | - | 2,233 | - | 4,507 | ||||||||||||||||
| Other24 |
Mboe | 3 | 3 | 4 | 6 | 8 | ||||||||||||||||
| Total |
Mboe | 416 | 389 | 2,658 | 805 | 5,323 | ||||||||||||||||
| Crude oil and condensate |
||||||||||||||||||||||
| Atlantis |
Mbbl | 2,544 | 2,728 | 2,606 | 5,272 | 5,100 | ||||||||||||||||
| Mad Dog |
Mbbl | 2,780 | 2,733 | 2,485 | 5,513 | 5,105 | ||||||||||||||||
| Shenzi |
Mbbl | 1,870 | 1,894 | 2,030 | 3,764 | 4,232 | ||||||||||||||||
| Trinidad & Tobago |
Mbbl | - | - | 133 | - | 176 | ||||||||||||||||
| Sangomar |
Mbbl | 6,865 | 6,822 | 7,505 | 13,687 | 14,026 | ||||||||||||||||
| Other24 |
Mbbl | 67 | 89 | 47 | 156 | 104 | ||||||||||||||||
| Total |
Mboe | 14,126 | 14,266 | 14,806 | 28,392 | 28,743 | ||||||||||||||||
| NGL |
||||||||||||||||||||||
| USA |
Mbbl | 389 | 522 | 385 | 911 | 756 | ||||||||||||||||
| Other24 |
Mbbl | 1 | 2 | 2 | 3 | 4 | ||||||||||||||||
| Total |
Mboe | 390 | 524 | 387 | 914 | 760 | ||||||||||||||||
| Ammonia |
||||||||||||||||||||||
| Beaumont New Ammonia25 |
Mboe | 702 | 249 | - | 951 | - | ||||||||||||||||
| Total |
Mboe | 702 | 249 | - | 951 | - | ||||||||||||||||
|
Total International |
Mboe | 15,634 | 15,428 | 17,851 | 31,062 | 34,826 | ||||||||||||||||
| Mboe/d | 172 | 171 | 196 | 172 | 192 | |||||||||||||||||
|
MARKETING26 |
||||||||||||||||||||||
| LNG |
Mboe | 4,856 | 4,400 | 2,337 | 9,256 | 5,087 | ||||||||||||||||
| Liquids |
Mboe | 298 | 384 | 64 | 682 | 168 | ||||||||||||||||
| Total |
Mboe | 5,154 | 4,784 | 2,401 | 9,938 | 5,255 | ||||||||||||||||
| Total Marketing |
Mboe | 5,154 | 4,784 | 2,401 | 9,938 | 5,255 | ||||||||||||||||
|
Total sales volumes |
Mboe | 48,042 | 51,718 | 54,510 | 99,760 | 104,779 | ||||||||||||||||
| Mboe/d | 528 | 575 | 599 | 551 | 579 | |||||||||||||||||
23 Restated additional volumes of 0.10 MMboe in Q2 2025 and 0.19 MMboe in YTD 2025 to reflect a revised MMBtu to boe conversion factor.
24 Overriding royalty interests held in the USA for several producing wells.
25 Beaumont New Ammonia sales volumes are 190.7 kT in Q2 2026 and 258.3 kT YTD 2026.
26 Purchased volumes sourced from third parties.
|
18
|
Second quarter report for period ended 30 June 2026
|
|||||
Operating revenue (US$ million)
| Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||
| AUSTRALIA |
||||||||||||||||||||
| North West Shelf |
378 | 448 | 295 | 826 | 830 | |||||||||||||||
| Pluto |
795 | 766 | 827 | 1,561 | 1,539 | |||||||||||||||
| Wheatstone |
167 | 180 | 255 | 347 | 454 | |||||||||||||||
| Bass Strait |
352 | 232 | 283 | 584 | 511 | |||||||||||||||
| Macedon |
57 | 56 | 52 | 113 | 104 | |||||||||||||||
| Ngujima-Yin |
102 | 48 | 86 | 150 | 143 | |||||||||||||||
| Okha |
2 | 25 | 90 | 27 | 90 | |||||||||||||||
| Pyrenees |
45 | - | 39 | 45 | 83 | |||||||||||||||
| Revenue from sale of products |
1,898 | 1,755 | 1,927 | 3,653 | 3,754 | |||||||||||||||
| Intersegment revenue |
(51) | (50) | (7) | (101) | (9) | |||||||||||||||
| Processing and services revenue |
35 | 53 | 35 | 88 | 109 | |||||||||||||||
| Total Australia |
1,882 | 1,758 | 1,955 | 3,640 | 3,854 | |||||||||||||||
| INTERNATIONAL |
||||||||||||||||||||
| Atlantis |
258 | 199 | 181 | 457 | 372 | |||||||||||||||
| Mad Dog |
272 | 190 | 161 | 462 | 351 | |||||||||||||||
| Shenzi |
192 | 138 | 138 | 330 | 305 | |||||||||||||||
| Trinidad & Tobago27 |
- | - | 78 | - | 144 | |||||||||||||||
| Sangomar |
763 | 524 | 510 | 1,287 | 991 | |||||||||||||||
| Other28 |
145 | 42 | 4 | 187 | 7 | |||||||||||||||
| Revenue from sale of products |
1,630 | 1,093 | 1,072 | 2,723 | 2,170 | |||||||||||||||
| Total International |
1,630 | 1,093 | 1,072 | 2,723 | 2,170 | |||||||||||||||
| MARKETING |
||||||||||||||||||||
| Revenue from sale of products |
620 | 360 | 232 | 980 | 544 | |||||||||||||||
| Intersegment revenue |
51 | 50 | 7 | 101 | 9 | |||||||||||||||
| Shipping and other revenue |
2 | - | 9 | 2 | 13 | |||||||||||||||
| Total Marketing29 |
673 | 410 | 248 | 1,083 | 566 | |||||||||||||||
|
Operating revenue30 |
4,185 | 3,261 | 3,275 | 7,446 | 6,590 | |||||||||||||||
27 Includes the impact of periodic adjustments related to the production sharing contract (PSC).
28 Includes revenue from Beaumont New Ammonia and overriding royalty interests held in the USA for several producing wells.
29 Values include revenue generated from purchased LNG and Liquids volumes, as well as the marketing margin on the sale of Woodside’s
29 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.
30 Operating revenue excludes all hedging impacts.
|
19
|
Second quarter report for period ended 30 June 2026
|
|||||
Realised prices
| Units | Q2 2026 |
Q1 2026 |
Q2 2025 |
Units | Q2 2026 |
Q1 2026 |
Q2 2025 |
|||||||||||||||||||||
| LNG produced |
$/MMBtu | 10.5 | 9.0 | 9.8 | $/boe | 66 | 57 | 62 | ||||||||||||||||||||
| LNG traded31 |
$/MMBtu | 15.2 | 10.0 | 11.4 | $/boe | 99 | 65 | 72 | ||||||||||||||||||||
| Pipeline gas: |
||||||||||||||||||||||||||||
| Western Australia |
A$/GJ | 6.9 | 7.0 | 6.8 | ||||||||||||||||||||||||
| East Coast Australia |
A$/GJ | 15.7 | 14.1 | 13.4 | ||||||||||||||||||||||||
| International32 |
$/Mcf | 3.0 | 5.7 | 4.5 | ||||||||||||||||||||||||
| Pipeline gas |
$/boe | 50 | 44 | 36 | ||||||||||||||||||||||||
| Oil and condensate |
$/bbl | 107 | 77 | 68 | $/boe | 107 | 77 | 68 | ||||||||||||||||||||
| NGL |
$/bbl | 57 | 38 | 43 | $/boe | 57 | 38 | 43 | ||||||||||||||||||||
| Liquids traded31 |
$/bbl | 110 | 85 | 68 | $/boe | 110 | 85 | 68 | ||||||||||||||||||||
| Average realised price | $/boe | 85 | 63 | 59 | ||||||||||||||||||||||||
| Dated Brent |
$/bbl | 105 | 81 | 68 | ||||||||||||||||||||||||
| JCC (lagged three months) |
$/bbl | 67 | 72 | 79 | ||||||||||||||||||||||||
| WTI |
$/bbl | 93 | 72 | 64 | ||||||||||||||||||||||||
| JKM |
$/MMBtu | 17.5 | 10.4 | 12.5 | ||||||||||||||||||||||||
| TTF |
$/MMBtu | 16.4 | 10.8 | 12.2 | ||||||||||||||||||||||||
31 Excludes any additional benefit attributed to produced volumes through third-party trading activities.
32 Sales volumes have been restated to reflect volumes sold in MMBtu at a revised boe conversion factor impacting realised price by -$0.2/Mcf for International pipeline gas in Q2 2025.
|
20
|
Second quarter report for period ended 30 June 2026
|
|||||
Capital expenditure (US$ million)
| Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||
| Evaluation capitalised33 |
15 | 9 | 17 | 24 | 29 | |||||||||||||||
| Property plant & equipment |
1,557 | 1,686 | 2,582 | 3,243 | 4,372 | |||||||||||||||
| Cash contributions from participants |
(878 | ) | (847 | ) | (1,870 | ) | (1,725 | ) | (1,870 | ) | ||||||||||
|
Other34 |
90 | 5 | 23 | 95 | 27 | |||||||||||||||
| Capital expenditure |
784 | 853 | 752 | 1,637 | 2,558 | |||||||||||||||
|
Acquisitions |
- | 470 | - | 470 | - | |||||||||||||||
| Total capital expenditure and acquisitions |
784 | 1,323 | 752 | 2,107 | 2,558 | |||||||||||||||
|
|
||||||||||||||||||||
| Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
||||||||||||||||
| Scarborough |
290 | 275 | 333 | 565 | 655 | |||||||||||||||
| Trion |
275 | 171 | 92 | 446 | 407 | |||||||||||||||
| Louisiana LNG capital expenditure |
723 | 872 | 1,754 | 1,595 | 2,655 | |||||||||||||||
| Cash contributions from participants |
(878 | ) | (847 | ) | (1,870 | ) | (1,725 | ) | (1,870 | ) | ||||||||||
| Louisiana LNG other34 |
26 | 5 | - | 31 | - | |||||||||||||||
| Louisiana LNG35 |
(129 | ) | 30 | (116 | ) | (99 | ) | 785 | ||||||||||||
| Other |
348 | 377 | 443 | 725 | 711 | |||||||||||||||
| Capital expenditure |
784 | 853 | 752 | 1,637 | 2,558 | |||||||||||||||
33 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.
34 Other incorporates Louisiana LNG cash call payments to Williams for Driftwood Pipeline LLC, corporate spend, other investments and other capital expenditure.
35 Louisiana LNG YTD 2026 project spend includes $344 million of prepayments recognised in investing cash flow that are recoverable through partner cash calls but are not yet recognised as capital expenditure.
|
21
|
Second quarter report for period ended 30 June 2026
|
|||||
| Other expenditure (US$ million) |
| |||||||||||||||||||
| Exploration and evaluation expenditure | Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
|||||||||||||||
| Exploration capitalised33,36 |
2 | 40 | - | 42 | 5 | |||||||||||||||
| Exploration and evaluation expensed37 |
50 | 50 | 46 | 100 | 81 | |||||||||||||||
| Permit amortisation |
2 | 2 | - | 4 | 3 | |||||||||||||||
| Total |
54 | 92 | 46 | 146 | 89 | |||||||||||||||
| Trading costs | Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
|||||||||||||||
| Australia |
52 | 49 | 49 | 101 | 88 | |||||||||||||||
| Marketing |
533 | 338 | 129 | 871 | 322 | |||||||||||||||
| Total |
585 | 387 | 178 | 972 | 410 | |||||||||||||||
| Abandonment expenditure | Q2 2026 |
Q1 2026 |
Q2 2025 |
YTD 2026 |
YTD 2025 |
|||||||||||||||
| Total |
139 | 116 | 260 | 255 | 517 | |||||||||||||||
36 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.
37 Includes seismic and general permit activities and other exploration costs.
|
22
|
Second quarter report for period ended 30 June 2026
|
|||||
| Exploration or appraisal wells drilled | ||||||||||
No exploration or appraisal wells were drilled in the quarter.
| Permits and licences | ||||||||||
Key changes to permit and licence holdings during the quarter ended 30 June 2026 are noted below.
| Region | Permits or licence areas | Change in interest (%) |
Current interest (%) |
Remarks | ||||
| United States |
AT 424, AT 425, AT 469, AT 470 |
(30%) |
—% |
Assigned | ||||
|
AT 228, AT 273, AT 274, GC 210, GC 211 |
(100%) |
—% |
Relinquished | |||||
|
GB 529, GB 530, GB 531 |
(100%) |
—% |
Expired | |||||
| Republic of Congo |
Marine XX |
(23%) |
—% |
Relinquished |
|
23
|
Second quarter report for period ended 30 June 2026
|
|||||
Production rates
Average daily production rates (100% project) for the quarter ended 30 June 2026:
| Woodside share38 |
Production rate (100% project, Mboe/d) |
Remarks | ||||||
| Jun |
Mar |
|||||||
| 2026 | 2026 | |||||||
| AUSTRALIA |
||||||||
| NWS Project |
||||||||
| LNG |
29.76% | 203 | 210 | LNG production was lower due to increased pipeline gas production. | ||||
| Crude oil and condensate | 29.67% | 35 | 35 | |||||
| NGL |
29.95% | 7 | 7 | |||||
| Pluto LNG |
||||||||
| LNG |
90.00% | 75 | 109 | Production was lower due to planned maintenance. | ||||
| Crude oil and condensate |
90.00% | 7 | 9 | |||||
| Pluto-KGP Interconnector |
||||||||
| LNG |
100.00% | 19 | 27 | Production was lower due to planned maintenance. | ||||
| Crude oil and condensate |
100.00% | 1 | 1 | |||||
| NGL |
100.00% | – | – | |||||
| Wheatstone39 |
||||||||
| LNG |
7.85% | 204 | 211 | Production was lower due to the impact of Tropical Cyclone Narelle and offshore project activities. | ||||
| Crude oil and condensate |
10.56% | 28 | 29 | |||||
| Bass Strait |
||||||||
| Pipeline gas |
45.33% | 83 | 65 | Production was higher due to increased seasonal demand and completion of planned offshore maintenance activities. | ||||
| Crude oil and condensate | 43.81% | 12 | 9 | |||||
| NGL |
45.33% | 18 | 16 | |||||
| Australia Oil |
||||||||
| Ngujima-Yin |
60.00% | 13 | 12 | Okha production was lower due to shipyard activities and a reliability related outage. Pyrenees production was lower due to the impact of Tropical Cyclone Narelle. | ||||
| Okha | 50.00% | – | 7 | |||||
| Pyrenees |
71.43% | 3 | 6 | |||||
|
Other |
||||||||
| Pipeline gas40 | 28 | 28 | ||||||
38 Woodside share reflects the net realised interest for the period.
39 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.
40 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
|
24
|
Second quarter report for period ended 30 June 2026
|
|||||
| Woodside share41 |
Production rate (100% project, Mboe/d) |
Remarks | ||||||
| Jun | Mar | |||||||
| 2026 | 2026 | |||||||
| INTERNATIONAL |
||||||||
| Atlantis |
||||||||
| Crude oil and condensate |
38.50% | 72 | 79 | Production was lower due to routine regulatory safety equipment testing, and flow assurance management. | ||||
| NGL | 38.50% | 5 | 7 | |||||
| Pipeline gas |
38.50% | 8 | 10 | |||||
| Mad Dog |
||||||||
| Crude oil and condensate |
20.86% | 142 | 147 | Oil production was lower due to a gas handling constraint while a gas compressor was offline. | ||||
| NGL | 20.86% | 5 | 7 | |||||
| Pipeline gas | 20.86% | 3 | 3 | |||||
| Shenzi |
||||||||
| Crude oil and condensate | 64.60% | 32 | 33 | |||||
| NGL | 64.51% | 2 | 3 | |||||
| Pipeline gas | 64.49% | 1 | 1 | |||||
| Sangomar |
||||||||
| Crude oil | 87.52%42 | 99 | 100 | |||||
| Beaumont New Ammonia |
||||||||
| Ammonia43 | 100.00% | 7 | 5 | Production increased following a full quarter of production, capacity remains constrained by limited feedstock. | ||||
| 41 | Woodside share reflects the net realised interest for the period. |
| 42 | Operations governed by production sharing contracts. |
| 43 | Beaumont New Ammonia production rate is 1.8 kT/d in Q2 2026. |
|
25
|
Second quarter report for period ended 30 June 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 and assumptions. 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, divestitures, 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.
|
26
|
Second quarter report for period ended 30 June 2026
|
|||||
Other important information
All figures are Woodside share for the quarter ending 30 June 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.
| 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 | |
|
27
|
Second quarter report for period ended 30 June 2026
|
|||||
| Glossary |
Please refer to the Glossary in the Annual Report 2025 for definitions, including carbon related definitions.
|
28
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Second quarter report for period ended 30 June 2026
|
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