Woodside Energy Second Quarter Report for Period Ended 30 June 2026
PERTH, Australia--( BUSINESS WIRE)--Woodside Energy Group (ASX: WDS) (NYSE: WDS):
2026 full-year guidance
Prior
Current
Total production volumes 3
MMboe
172-186
174-185
Gas hub exposure 4
%
~30
No change
Capital expenditure 5,6,7,8
$ 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
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.”
Comparative performance at a glance
Q2
2026
Q1
2026
Change
%
Q2
2025
Change
%
YTD
2026
YTD
2025
Change
%
Operating revenue
$ million
4,185
3,261
28%
3,275
28%
7,446
6,590
13%
Production volumes 9
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 volumes 10
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%)
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 expenditure 11
$ million
784
853
(8%)
752
4%
1,637
2,558
(36%)
Acquisitions
$ million
—
470
(100%)
—
—%
470
—
—%
Operations
Pluto LNG
North West Shelf (NWS) Project
Wheatstone and Julimar-Brunello
Bass Strait
Other Australia
Sangomar
Gulf of America
Beaumont New Ammonia
Marketing
Revenue and trading
Shipping
Pipeline gas
Projects
Scarborough Energy Project
Trion
Louisiana LNG
Hydrogen Refueller @H2Perth
Decommissioning
Development and exploration
Browse
Sunrise
Calypso
Exploration
New energy and carbon solutions
H2Perth
Corporate activities
Chair succession
Structured review
Browse Joint Venture pre-emption
Climate and sustainability
Hedging
Embedded commodity derivative
Funding and liquidity
2026 half-year results and teleconference
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
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.
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
Pluto 17
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
Other 17,18
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
Pluto 17
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
Pluto 17
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
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
Other 19
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
Other 19
Mbbl
35
54
-
89
-
Total
Mboe
14,978
14,581
14,584
29,559
29,064
NGL
USA
Mbbl
370
513
398
883
796
Other 19
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 Interconnector 20
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 Ammonia 21
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
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
Other 22
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
Q2
2026
Q1
2026
Q2
2025
YTD
2026
YTD
2025
INTERNATIONAL
Pipeline gas
USA 23
Mboe
413
386
421
799
808
Trinidad & Tobago
Mboe
-
-
2,233
-
4,507
Other 24
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
Other 24
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
Other 24
Mbbl
1
2
2
3
4
Total
Mboe
390
524
387
914
760
Ammonia
Beaumont New Ammonia 25
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
MARKETING 26
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
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 & Tobago 27
-
-
78
-
144
Sangomar
763
524
510
1,287
991
Other 28
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 Marketing 29
673
410
248
1,083
566
Operating revenue 30
4,185
3,261
3,275
7,446
6,590
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 traded 31
$/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
International 32
$/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 traded 31
$/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
$/MMBtu
16.4
10.8
12.2
Capital expenditure (US$ million)
Q2
2026
Q1
2026
Q2
2025
YTD
2026
YTD
2025
Evaluation capitalised 33
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)
Other 34
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 other 34
26
5
-
31
-
Louisiana LNG 35
(129)
30
(116)
(99)
785
Other
348
377
443
725
711
Capital expenditure
784
853
752
1,637
2,558
Other expenditure (US$ million)
Exploration and evaluation expenditure
Q2
2026
Q1
2026
Q2
2025
YTD
2026
YTD
2025
Exploration capitalised 33,36
2
40
-
42
5
Exploration and evaluation expensed 37
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
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
Production rates
Average daily production rates (100% project) for the quarter ended 30 June 2026:
Woodside
share 38
Production rate
(100% project,
Mboe/d)
Remarks
Jun
2026
Mar
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%
–
–
Wheatstone 39
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 gas 40
28
28
Woodside
share 41
Production rate
(100% project,
Mboe/d)
Remarks
Jun
2026
Mar
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
Ammonia 43
100.00%
7
5
Production increased following a full quarter of production, capacity remains constrained by limited feedstock.
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.
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
Glossary
Please refer to the Glossary in the Annual Report 2025 for definitions, including carbon related definitions.
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.
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.
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.
12 Completion of the transaction is subject to conditions precedent. See “Woodside simplifies portfolio and unlocks long-term value” announced on 19 December 2024.
13 Higher net production percentage reflects accelerated recovery of 100% Woodside-funded pre-FID costs under the PSC entitlement, driven by high oil price.
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.
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.
16 No change to the forecasted Trion project capital expenditure. Trion construction related vessel leases are for a term of 3 years.
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.
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.
22 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
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.
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 produced 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.
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.
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.
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.
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.
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.
This announcement was approved and authorised for release by Woodside’s Disclosure Committee.