Woodside Energy (ASX: WDS) H1 FY26 Results: Strong Revenue, LNG Growth and What’s Next

Woodside’s H1 2026 results show strong operations, advancing LNG projects, solid cash generation and a growing position in global energy markets.

Woodside Energy Group Ltd (ASX: WDS)

On 25 August 2026 reported operating revenue of $7,446 million, improved 13% from H1 2025. Production was 478 Mboe/d, or 86.5 MMboe with unit production costs of $8.8/boe. Operating cash flow reached $3 billion. Operated LNG facilities recorded 98.7% reliability, Sangomar 99.5% and Shenzi 99.1%. There were zero Tier 1 or Tier 2 process safety events and one high-consequence injury. Decommissioning continued across the portfolio, including NWS and Julimar-Brunello P&A campaigns and removal of around 26km of flowlines and umbilicals from Stybarrow and Griffin.

Projects Progress

Scarborough reached 98% completion, remained on budget and on track, with the FPU achieving ready-for-start-up status and first gas achieved after the period. Pluto Train 2 construction and commissioning continued, with mechanical runs completed for three of six liquefaction compressors. Trion reached 64% completion and remained on budget, targeting first oil in 2028. Its 24-well drilling program started in March 2026 ahead of schedule, with three production wells drilled during H1. FSO construction and FPU integration progressed. Louisiana LNG reached 28% completion, with Train 1 at 35%, remaining on budget for first LNG in 2029. Construction continued across tanks, structural steel, piping and marine infrastructure, with berth dredging and mechanical equipment installation commenced.

Financial Position

Underlying NPAT was $1.3 billion resulting in an interim dividend of $1.1 billion, or 57 US cents per share fully franked. EBITDA was $4.6 billion, affected by the Pluto planned turnaround, timing of trading margins and Beaumont New Ammonia ramp up costs. Liquidity stood at $8.2 billion at 30 June. WDS repaid a $600 million Syndicated Term Loan ahead of maturity. Gearing was 20.6% through peak investment and was expected to return within the target range during the near term. Stonepeak and Williams contributed $1.7 billion towards Louisiana LNG development. Investment grade credit rating was maintained. Around $12 billion has been returned to shareholders since merger completion in 2022.

Outlook

Woodside remains on track for its 2030 net equity Scope 1 and 2 GHG emissions reduction target and submitted its second annual OGMP 2.0 implementation plan including first-time Level 5 methane reporting for Sangomar Leopold Sedar Senghor FPSO and Karratha Gas Plant. More than A$0.5 billion in local content was committed to over 280 Western Australian businesses through Pluto Train 1 modifications. WDS launched its Global Indigenous Peoples Strategy for 2026-2030, alongside the Sam Houston Jones State Park Restoration Project in Louisiana and the Watheroo Biodiversity Project in Western Australia. The Asian growth and global energy security continue to support long term LNG demand with a strong contracted position, geographically advantaged supply locations and low cost assets. It is progressing feedgas procurement, Line 200, further selldowns and offtake agreements for Louisiana LNG while managing liquidity, hedging and capital allocation.

(Source: Company Reports)