Woodside Energy Group Ltd. reported first‑quarter 2026 results on April 29 2026, showing operating revenue of $3.26 billion, a 2% year‑over‑year decline from $3.32 billion in Q1 2025. Production fell to 45.2 million barrels of oil equivalent (MMboe), an 8% drop from 49.1 MMboe in the same quarter last year and an 8% decline from the prior quarter. The revenue beat analyst consensus of $3.06 billion, driven largely by higher realized prices and disciplined cost control amid a modest decline in sales volumes.
The company’s production reliability remained strong. Sangomar achieved 99.9% reliability, Shenzi 99.0%, Pluto LNG 100% for the third consecutive quarter, and the North West Shelf Project delivered 99.7%. CEO Liz Westcott said, "Production for the period was 45.2 million barrels of oil equivalent, underpinned by exceptional reliability of our world‑class assets, including 99.9% at Sangomar and 99.0% at Shenzi. In Western Australia, Pluto LNG achieved 100% reliability for the third consecutive quarter, while the North West Shelf Project delivered 99.7%.", underscoring the company’s operational resilience.
Production from Western Australian assets was slightly impacted by Severe Tropical Cyclone Narelle, which made landfall near Exmouth in late March. Westcott noted, "Output from our Western Australian assets was impacted late in the quarter by Severe Tropical Cyclone Narelle. The team's cyclone response ensured we maintained the safety of our people, assets and the environment throughout the shutdown and restoration of operations.", highlighting the company’s safety and environmental stewardship during the disruption.
Average realized prices rose 11% to $63 per barrel of oil equivalent, up from $57 in Q4 2025. Westcott added, "We have seen modest increases to our portfolio average realised pricing in the quarter, driven by elevated spot prices. Further benefits of currently higher spot prices will be realised in subsequent quarters for LNG due to lagged contract pricing.", explaining how higher spot prices helped offset the revenue decline and contributed to the revenue beat.
Woodside’s first‑quarter guidance for 2026 remains unchanged: production of 172‑186 MMboe and capital expenditure of $3.5‑4.5 billion. Westcott emphasized disciplined cost control and continued focus on executing its LNG expansion strategy, stating, "We continued disciplined delivery of major cash‑generative growth projects. Our Scarborough Energy Project is 96% complete and on target for first LNG cargo in the fourth quarter of 2026.", signaling confidence in the company’s growth trajectory.
The Scarborough Energy Project, Woodside’s largest growth initiative, is 96% complete and on track for its first LNG cargo in Q4 2026. Beaumont New Ammonia achieved its first ammonia cargo in February and gained full operational control in March, further diversifying the company’s product mix and reinforcing its position in the global LNG and ammonia markets.
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