Advancing growth and delivering reliable energy
Performance highlights
-- Sangomar, Shenzi, North West Shelf Project and Pluto LNG all delivered outstanding reliability at or above 99%. -- Achieved an average realised quarterly price of $63/boe, up 11% from Q4 2025 reflecting benefits from market prices. -- Delivered quarterly production volumes of 45.2 MMboe (502 Mboe/d), down 8% from Q4 2025 due to seasonal weather events.
Project highlights
-- The Scarborough Energy Project was 96% complete and remains on budget
and on track for first LNG cargo in Q4 2026.
-- The Scarborough Floating Production Unit (FPU) completed hook-up and
commenced topside commissioning following its arrival in Australia.
-- Beaumont New Ammonia achieved first ammonia cargo in February, with
Woodside assuming operational control in March.
-- The Trion Project progressed to 56% complete and remains on budget and
targeting first oil in 2028.
-- The foundation phase of Louisiana LNG Project remains on budget and on
schedule. The project was 24% complete with Train 1 31% complete. The
project is targeting first LNG in 2029.
Business and portfolio highlights
-- Liz Westcott appointed as CEO and Managing Director.
-- Safe restoration of Western Australian operations following Severe
Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle.
PERTH, Australia--(BUSINESS WIRE)--April 28, 2026--
Woodside Energy Group (ASX: WDS) $(WDS)$:
2026 full-year guidance Prior Current ----------------------------------------- --------- ------------- --------- Total production volumes(1) MMboe 172-186 No change ----------------------------------------- --------- ------------- --------- Gas hub exposure(2) % 30 No change ----------------------------------------- --------- ------------- --------- Capital expenditure(3456) $ 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 $ million 4,200 - 4,700 No change depreciation and amortisation ----------------------------------------- --------- ------------- ---------
Woodside CEO Liz Westcott said the company maintained safe and reliable operations across its global portfolio during the first quarter, while continuing to execute major projects to budget and schedule.
"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%.
"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.
"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.
"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.
"During the period, we also progressed preparations for the Pluto turnaround scheduled for May, supporting long-term asset performance, and advancing readiness for Scarborough start-up.
"We reached key milestones during the quarter at Beaumont New Ammonia, achieving first ammonia cargo in February followed by the successful transition to full operational control of the facility in March.
"We commenced the drilling campaign at Trion, and completed the lift and installation of two topside modules onto the FPU. The project is 56% complete and targeting first oil in 2028.
"Construction at the Louisiana LNG project is progressing well, with structural steel erection, pipe installation, LNG tank construction and marine works underway. Louisiana LNG Train 1 is 31% complete.
"The drilling and completion of the Julimar Development Phase 3 wells was delivered, marking another milestone ahead of the asset swap with Chevron in H2 2026.
"At the time of my appointment in March, I said my focus would be on operational excellence, disciplined execution and sustainable value creation for Woodside shareholders. Cost discipline is essential to sustainable shareholder value creation and we are commencing a structured review of our business to streamline decision making, reduce complexity and improve accountability. We expect this will deliver benefits through improved organisational effectiveness and capital management without compromising safety, execution or operational reliability.
Comparative performance at a glance
Q1 Q4 Change Q1 Change YTD YTD Change
2026 2025 % 2025 % 2026 2025 %
---------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Operating
revenue $ million 3,261 3,035 7% 3,315 (2%) 3,261 3,315 (2%)
---------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Production
volumes(7) MMboe 45.2 48.9 (8%) 49.1 (8%) 45.2 49.1 (8%)
Gas MMscf/d 1,578 1,709 (8%) 1,841 (14%) 1,578 1,841 (14%)
Liquids Mbbl/d 221 232 (5%) 223 (1%) 221 223 (1%)
Ammonia kT/d 1 -- --% -- --% 1 -- --%
Total Mboe/d 502 531 (5%) 546 (8%) 502 546 (8%)
---------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Sales volumes(8) MMboe 51.7 52.4 (1%) 50.3 3% 51.7 50.3 3%
Gas MMscf/d 2,016 1,924 5% 1,968 2% 2,016 1,968 2%
Liquids Mbbl/d 218 232 (6%) 213 2% 218 213 2%
Ammonia kT/d 1 -- --% -- --% 1 -- --%
Total Mboe/d 575 569 1% 559 3% 575 559 3%
---------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Average realised
price(7) $/boe 63 57 11% 64 (2%) 62 64 (3%)
---------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
Capital
expenditure and
acquisitions $ million 1,323 822 61% 1,806 (27%) 1,323 1,806 (27%)
Capital
expenditure $ million 853 822 4% 1,806 (53%) 853 1,806 (53%)
Acquisitions $ million 470 -- -- -- --% 470 -- --%
Operations
Pluto LNG
-- Achieved third consecutive quarterly LNG reliability of 100%.
-- Safely restarted offshore facilities following Severe Tropical Cyclone
Mitchell.
-- Continued preparation for the maintenance turnaround scheduled for May
2026.
-- Completed drilling of the XNA-03 infill well which is targeting
start-up in H2 2026.
North West Shelf (NWS) Project
-- Achieved quarterly LNG reliability of 99.7%.
-- Safely restarted onshore and offshore facilities following Severe
Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle.
-- Processed higher volumes of Waitsia gas, driven by the continued
ramp--up of Waitsia Stage 2.
-- Advanced preparation for the scheduled one-train LNG maintenance
campaign planned for September 2026.
Wheatstone and Julimar-Brunello
-- Drilling and completion of the Julimar Development Phase 3 wells was
achieved. Start-up is targeting H2 2026.
-- LNG production at Wheatstone was impacted following an unplanned outage
caused by Severe Tropical Cyclone Narelle. Production is partially
restored, with return to normal operation expected by the end of April.
-- Decommissioning of five Julimar Brunello exploration wells is planned
for H2 2026, as a condition precedent for the asset swap with Chevron.
-- Completion of the asset swap with Chevron is targeted for H2 2026.9
Bass Strait
-- Completion of the transfer of operatorship of the Bass Strait assets
from ExxonMobil Australia to Woodside is targeting H2 2026.10
-- Delivered reliability of 89.4% during the quarter, and completed
planned shutdowns of the Snapper and West Tuna platforms ahead of
schedule.
-- Completed drilling two of five wells for the Turrum Phase 3 project,
with drilling targeting completion in H2 2026.
Other Australia
-- The Okha FPSO disconnected in late March 2026 ahead of scheduled
shipyard activity in Q2 2026.
-- The Pyrenees FPSO is scheduled to undertake shipyard activity in Q4
2026.
(MORE TO FOLLOW) Dow Jones Newswires
April 28, 2026 20:38 ET (00:38 GMT)
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