Woodside Energy Group (WDS) Q1 2026 earnings summary

Executive summary

• Achieved outstanding reliability across key assets, with Sangomar, Shenzi, North West Shelf, and Pluto LNG all at or above 99% reliability for the quarter.

• Quarterly production volumes were 45.2 MMboe, down 8% from Q4 2025 due to seasonal weather events, but supported by strong asset performance.

• Average realised price rose 11% to $63/boe compared to Q4 2025, reflecting higher spot market prices.

• Major projects, including Scarborough (96% complete), Trion (56% complete), and Louisiana LNG (24% complete), remain on budget and on schedule.

• Liz Westcott appointed as CEO and Managing Director in March 2026.

Financial highlights

• Operating revenue for Q1 2026 was $3,261 million, up 7% from Q4 2025 but down 2% year-over-year.

• Capital expenditure and acquisitions totaled $1,323 million, a 61% increase from Q4 2025.

• Net debt stood at approximately $9,300 million, with liquidity of $8,300 million as of 31 March 2026.

• Hedging activities delivered a pre-tax profit of $32 million for the quarter.

Outlook and guidance

• Full-year 2026 production guidance remains unchanged at 172–186 MMboe.

• Capital expenditure guidance for 2026 is $4,000–$4,500 million, with abandonment and exploration expenditures unchanged.

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

• Ongoing business review aims to streamline decision-making and improve capital management.