WDS · Woodside Energy Group Ltd

Woodside's first quarter 2026 results reflect a period of operational resilience offset by seasonal disruptions. Production of 45.2 MMboe declined 8% sequentially due to Severe Tropical Cyclones Mitchell and Narelle, which impacted Western Australian operations. Despite this, key assets demonstrated exceptional reliability: Pluto LNG achieved 100% for the third consecutive quarter, Sangomar 99.9%, and North West Shelf 99.7%. The average realized price increased 11% to $63/boe, driven by elevated spot prices, though LNG contract lags mean further benefits will materialize in subsequent quarters. Revenue rose 7% QoQ to $3,261 million, but fell 2% YoY.

Management commentary highlighted disciplined project execution. The Scarborough Energy Project is 96% complete and on track for first LNG in Q4 2026, with the FPU now moored and commissioning underway. Beaumont New Ammonia achieved first cargo in February and operational control was assumed in March. The Trion Project (56% complete) and Louisiana LNG (24% complete) remain on budget. CEO Liz Westcott, appointed in March, emphasized a structured business review to streamline decision-making and improve capital management. Full-year guidance was reaffirmed, with production expected between 172-186 MMboe and capex of $4.0-4.5 billion. The company also noted no disruptions from Middle East conflict and limited exposure to volatile spot LNG shipping rates.