Woodside Energy Group (WDS) Q3 2026 earnings summary

Executive summary

• Q3 production rose 12% QoQ to 46.2 MMboe; operating revenue increased 2% to $4,281 million, supported by higher output and strong LNG performance.

• Major growth projects advanced to plan: Scarborough 99% complete, Trion 71%, and Louisiana LNG 32%; first LNG targets remain Q4 2026 and 2029 for Scarborough and Louisiana LNG, respectively.

Financial highlights

• Q3 operating revenue was $4,281 million, up 2% QoQ and 27% YoY; YTD revenue was $11,727 million, up 18% YoY.

• Q3 production was 46.2 MMboe, up 12% QoQ but down 9% YoY; YTD production declined 11% to 132.7 MMboe.

• Q3 sales volumes rose 6% QoQ to 51.1 MMboe, while YTD sales fell 6% YoY to 150.9 MMboe.

• Q3 capital expenditure was $722 million; YTD capital expenditure was $2,359 million, down 39% YoY, excluding acquisitions.

Outlook and guidance

• FY 2026 production guidance narrowed to 174–181 MMboe from 174–185 MMboe; Beaumont New Ammonia contribution revised to 1.5–2.5 MMboe from 2–3 MMboe.

• FY 2026 guidance remains unchanged for capital expenditure at $4.0–4.5 billion, abandonment expenditure at $500–800 million, exploration expenditure at $200 million, and production costs at $1.5–1.8 billion.

• Scarborough first LNG remains on track for Q4 2026; Trion targets first oil in 2028 and Louisiana LNG first LNG in 2029.

• First hydrogen production at H2Perth targets Q4 2026; lower-carbon ammonia production targets 2027, subject to third-party facility start-ups.