Sangomar delivers and Scarborough advances
Performance highlights
-- Delivered quarterly operating revenue of $4,185 million, up 28% on Q1
2026 and achieved a strong average realised price of $85/boe, up 35% on
the prior quarter.
-- Delivered quarterly production volumes of 41.3 MMboe (454 Mboe/d), down
9% from Q1 2026 due to the planned maintenance at Pluto Train 1 and
recovery from cyclone impacts.
-- Achieved exceptional operational reliability of more than 99% at
Sangomar and Shenzi and more than 97% at North West Shelf Project LNG and
Pluto LNG.
-- Continued impressive performance at Sangomar, producing at near
nameplate capacity with average daily production of 99 Mbbl/d (100% basis,
86 Mbbl/d Woodside share).1
-- Successfully delivered planned maintenance at Pluto Train 1 on schedule
and budget, including critical tie-ins for Scarborough.
Project highlights
-- The Scarborough Energy Project was 98% complete and remains on budget
and on track for first LNG cargo in Q4 2026, with first gas from the
Scarborough reservoir achieved subsequent to the period.
-- The Trion Project progressed to 64% complete and remains on budget,
targeting first oil in 2028.
-- The Louisiana LNG Project remains on budget, targeting first LNG in
2029; it is 28% complete with Train 1 35% complete.
Business and portfolio highlights
-- Exercised pre-emption rights to acquire PetroChina International
Investment (Australia) Pty Ltd's (CNPC) 10.67% participating interest in
the Browse Joint Venture (BJV).2
-- Entered a sale and purchase agreement with Alcoa for the supply of 31.1
PJ of domestic gas over the period 2027 to 2030.
-- Subsequent to the period, completed the transfer of operatorship for
the Gippsland Basin assets from ExxonMobil to Woodside.
-- Completion of the asset swap with Chevron targeted for Q4 2026 remains
on track.
PERTH, Australia--(BUSINESS WIRE)--July 28, 2026--
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 $ million 4,200 - 4,700 No change depreciation and amortisation ---------------------------------------- ---------- ------------- ---------
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 Q1 Change Q2 Change YTD YTD Change
2026 2026 % 2025 % 2026 2025 %
-------------------- ---------- ----- ----- ------ ----- ------ ----- ----- ------
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
-- Achieved quarterly LNG reliability of 97.6%.
-- Successfully executed the planned maintenance in May 2026 on budget and
schedule. This included key integration scopes for the Scarborough Energy
Project.
-- Preparing for start-up of the XNA-03 infill well, targeted for H2
2026.
North West Shelf (NWS) Project
-- Achieved quarterly LNG reliability of 97.8%.
-- Approved the drilling rig contract for the Greater Western Flank Phase
4 Project with drilling targeted to commence in Q2 2027, and production
targeted in 2028.
-- Continued preparation for the scheduled single train LNG planned
maintenance targeting commencement in September 2026.
Wheatstone and Julimar-Brunello
-- Completed subsea construction for the Julimar Development Phase 3
project, with start-up targeted for H2 2026.
-- LNG production at Wheatstone was impacted following an unplanned outage
caused by Severe Tropical Cyclone Narelle. Repairs were completed in
April 2026.
-- Commenced decommissioning of three Julimar-Brunello exploration wells,
with completion a condition precedent for the asset swap with Chevron.
-- Completion of the asset swap with Chevron is targeted for Q4 2026.12
Completion of the transaction will streamline Woodside's operations and
consolidate focus on our operated LNG assets.
Bass Strait
-- Achieved reliability of 92% during the quarter.
-- Completed planned shutdowns of the Marlin A and Marlin B platforms.
-- Completed drilling of the remaining three wells for the Turrum Phase 3
Project, completing the five-well drilling program. The wells will now
undergo completion activities with first production targeted for H1
2027.
-- Subsequent to the period, completed the transfer of operatorship of the
Gippsland Basin assets from ExxonMobil to Woodside on 1 July 2026,
following the satisfaction of the conditions precedent to the
transaction.
Other Australia
-- The Okha FPSO completed scheduled shipyard activities as planned.
Assessment and remediation planning are underway following identification
of a subsea mooring system defect during routine inspection, with
production yet to resume.
-- Oil production at the Pyrenees FPSO was impacted following damage
caused by Severe Tropical Cyclone Narelle. The FPSO safely reconnected
and production partially resumed, with assessment ongoing to support a
return to full production.
Sangomar
-- Achieved an average daily production rate of 99 Mbbl/d (100% basis, 86
Mbbl/d Woodside share) with reliability of 99.3%.13
-- Reservoir performance continues to exceed expectations, particularly in
the lower S500 reservoirs. This has been the result of greater than
anticipated aquifer pressure support which, together with rigorous well
and network optimisation, enabled an extended initial plateau and some
mitigation of decline rates now being experienced.
-- Evaluation continued for a potential Phase 2 development targeting the
upper S400 reservoirs.
-- Engagements with Petrosen and the government on a potential Phase 2
development are ongoing.
Gulf of America
-- Achieved continued high reliability at Shenzi of 99.2%.
Beaumont New Ammonia
-- Achieved reliability of 92.2% during the quarter, following Woodside's
assumption of operational control from OCI at the end of the first
quarter.
-- Production was constrained to approximately 69% of nameplate capacity
due to third-party feedstock availability. Interim feedstock arrangements
are expected to remain in place into 2027, pending progress on long-term
third-party feedstock infrastructure.
-- Commencement of lower-carbon ammonia production remains targeted for
2027, subject to commissioning of Linde's low-carbon hydrogen facilities
and start-up of ExxonMobil's CCS infrastructure, including approval of
the relevant CCS permitting process.
-- For the period ended 30 June 2026, sales have been a combination of
spot and term cargoes with 24% supplied to the domestic market and 76% to
the international market.
Marketing
Revenue and trading
-- LNG realised prices improved quarter-on-quarter as global LNG market
prices strengthened due to supply constraints, and price lags from Q1
2026 were realised. Price lags from Q2 are expected to be realised in
Q3.
-- Approximately 21% of LNG sold was linked to gas hub indices during the
quarter due to fewer volumes available as a result of the Pluto planned
maintenance.
-- Global supply interruptions continued in the quarter, supporting
increased demand for crude products and strengthening prices.
-- The liquids portfolio (oil, condensate and liquids traded) outperformed
market pricing through realised premiums.
-- In this quarter, marketing sales volumes, marketing revenue and trading
costs increased due to higher third-party cargo purchases. These
transactions were part of ongoing portfolio optimisation across multiple
trades resulting in the redirection of Woodside cargoes. The realised
value of these trading activities are expected in the future as these
cargoes are delivered, causing fluctuations in earnings across reporting
periods.
Shipping
-- Delivered the Woodside Bilangara during the quarter to support the
start-up of the Scarborough Energy Project.
-- Signed five long-term charter parties for LNG carriers commencing in
2029 to support the Louisiana LNG Project.
Pipeline gas
-- Executed incremental pipeline gas sales of:
-- 47.5 PJ to be delivered to the Western Australian market from
2027 to 2030, including a sale and purchase agreement for the
supply of 31.1 PJ to Alcoa.
-- 38.9 PJ to be delivered to the East Coast market from 2026 to
2028.
Projects
Scarborough Energy Project
-- The Scarborough and Pluto Train 2 projects remain on budget and were
98% complete at the end of the quarter (excluding Pluto Train 1
modifications).
-- All upstream infrastructure is now in place. The Floating Production
Unit (FPU) and subsea production system commissioning activities
continued.
-- Subsequent to the period, the FPU achieved ready for start-up status
and first gas was achieved from the Scarborough reservoir. The trunkline
also achieved ready for start-up status, enabling the commencement of
pressurisation of the trunkline from the FPU through to the onshore
plant.
-- Continued construction and commissioning activities at the Pluto Train
2 site, including completion of the gas turbine generator synchronisation
with the Pluto site power grid and mechanical runs of three of the six
liquefaction compressors.
-- The final module for the Pluto Train 1 modifications was shipped from
the yard in Thailand and, subsequent to the quarter, arrived at the Pluto
site.
-- Continued civil, structural, piping and electrical works for Pluto
Train 1 modifications at the Pluto site.
-- Multiple integration scopes and tie-ins were successfully completed
during the Pluto LNG Train 1 planned maintenance in May 2026.
-- First LNG cargo is on track for Q4 2026.
Trion
-- The Trion Project remains on budget and was 64% complete at the end of
the quarter.
-- Progressed drilling campaign, drilling three wells of the 24--well
program which commenced in March.
-- Commenced subsea equipment deliveries to Mexico, ahead of installation
commencing in Q3 2026.
-- Completed lift of FPU topside modules onto the hull and commenced
integration and pre-commissioning.
-- Continued Floating Storage and Offloading structural block fabrication
in dry dock.
-- Completed fabrication and testing of the disconnectable turret mooring
buoy.
-- The Trion Project is targeting first oil in 2028.
Louisiana LNG
-- The Louisiana LNG Project remains on budget and was 28% complete at the
end of the quarter.
-- Train 1 was 35% complete at the end of the quarter, with above-ground
piping installation and structural steel erection progressed during the
period.
-- Trains 2 and 3 were 25% and 18% complete respectively at the end of the
quarter, with structural steel erection commenced for Train 2 and
concrete pilings progressed for Train 3.
-- Awarded a services contract valued at more than $300 million for the
construction of four tug boats for Louisiana LNG operations, taking total
committed spend with Louisiana suppliers beyond $1 billion.
-- Ongoing disruptions through the Strait of Hormuz continue to challenge
structural steel delivery from Bechtel's fabrication facility in the
United Arab Emirates. Mitigation measures are being implemented,
including alternative logistics routes and fabrication sources, to
support continuity of steel supply and maintain planned construction
schedules beyond 2026.
-- Ongoing engagement with high-quality counterparties for equity
participation and LNG offtake continues.
-- The project is targeting first LNG in 2029.
Hydrogen Refueller @H2Perth
-- Successfully completed leak testing and cold commissioning activities.
-- Commissioning activities continue on site, with ready for start-up now
targeted for Q3 2026 and first hydrogen production expected in H2
2026.14
Decommissioning
-- Commenced plug and abandonment (P&A) of eight subsea wells including
five North West Shelf Gas wells and three Julimar-Brunello exploration
wells.
-- Completed the Enfield field seabed survey and analysis campaign.
-- Continued offshore decommissioning at Stybarrow with recovery of
flexible flowlines, and progressed technical and planning studies across
the Stybarrow, Griffin and Minerva projects to support development of
forward decommissioning work plans.
-- Progressed well P&A activities at the Gippsland Basin Joint Venture
with completion of plugging the West Kingfish and Cobia platform wells,
and commencement of platform rig operations on Halibut and Tuna
platforms.
-- Progressed the Bass Strait Offshore Platform Removal Campaign 1
preparation activities, with the Environmental Plan accepted by the
National Offshore Petroleum Safety and Environmental Management Authority
and upgrades to the onshore reception centre at Barry Beach Marine
Terminal commenced.
Development and exploration
Browse
-- Continued engagement with regulators to progress environmental
approvals. Submitted a revised Browse Carbon Capture and Storage $(CCS)$
environmental referral to the Commonwealth regulator to allow it to be
assessed under the amended Environment Protection and Biodiversity
Conservation Act 1999 (EPBC Act). Received a determination from the
Federal Environment Minister that allows the Browse CCS Project to be
assessed wholly under the EPBC Act. The resubmission does not reflect any
significant changes to the nature, scope or intent of the Browse CCS
project.
-- Subsequent to the period, granted State Significant Project status
under the Lead Agency Framework by the Western Australian State
Government for the Browse to North West Shelf Project.
Sunrise
-- Continued engagement by the Sunrise Joint Venture with the Governments
of Timor-Leste and Australia to advance the fiscal and regulatory
frameworks supporting the potential development of Sunrise.
-- Progressed technical and commercial activities under the Timor--Leste
Cooperation Agreement to support maturation of a potential Timor--based
LNG concept.
Calypso
-- Woodside's project evaluation continued to progress, including
assessment of Calypso's relative value within Woodside's portfolio.
-- For the period ended 30 June 2026, impairment losses relating to the
Calypso Project are expected. Refer to page 10 for further detail.
Exploration
-- Woodside was awarded the two leases in the US Gulf of America where
Woodside was the successful bidder from the Big Beautiful Gulf 2 Lease
Sale held in March 2026.
-- Entered into a non-binding memorandum of understanding with the
Agência Nacional de Petróleo, Gás e Biocombustíveis
to evaluate three blocks in the Benguela and Namibe basins offshore
Angola.
-- Completed exit activities associated with the Marine XX licence in the
Republic of Congo.
New energy and carbon solutions
H2Perth
-- In May 2026, the EPA approved Woodside's application under section 43A
of the Environmental Protection Act 1986 (WA) to amend the proposal for
the proposed H2Perth Project from its previous concept to a liquefied
hydrogen only facility.
Corporate activities
Chair succession
-- The Woodside Board has a formal process underway to identify and
appoint the Company's next Chair, to replace Richard Goyder AO who has
previously indicated his intention to retire at or before the end of his
current term in 2027.
-- The selection process will be led by independent Non-executive Director
Swee Chen Goh.
-- The Board will consider a range of factors in identifying and selecting
the next Chair, including leadership capability and experience,
governance expertise, strategic insight, stakeholder engagement expertise
and the capacity to oversee the creation and maintenance of shareholder
value by a global company.
Structured review
-- The structured review announced with the Q1 results is progressing. The
review is focused on streamlining decision-making, reducing
organisational complexity, and identifying efficiency opportunities
whilst maintaining safe operational execution and performance.
-- A further update on progress will be provided with the half-year
results.
Browse Joint Venture pre-emption
-- In June Woodside exercised its pre-emption right to acquire CNPC's
10.67% interest in the BJV. The terms of the transaction include a
payment payable upon completion of $225 million plus reimbursement of
CNPC's BJV cash call contributions from 30 June 2025 to the date of
completion, and a contingent payment of $175 million payable upon a final
investment decision for the development of all of the Brecknock,
Calliance and Torosa fields on or before 30 June 2032.15
Climate and sustainability
-- Launched the Sam Houston Jones Restoration Project, supporting
restoration of threatened habitats and key wildlife species in
Louisiana.
-- Further progressed the Watheroo Biodiversity Project in Western
Australia, with a long-term funding agreement with Department of
Biodiversity, Conservation and Attractions.
-- Submitted Woodside's second annual Oil and Gas Methane Partnership 2.0
implementation plan to the United Nations Environment Programme,
including results from monitoring and measurement activities in 2025.
-- Subsequent to the period, held a Sustainability Focus Session on 22
July 2026 with investors on Woodside's approach to process safety.
Hedging
-- As at 30 June 2026, approximately 62% of the 30 MMboe of 2026
oil-linked production previously hedged (at an average price of $74.23
per barrel) had been cash settled. No additional oil-linked corporate
hedges were entered into during the quarter and the 2027 hedge position
remains unchanged.
-- Continued managing risk associated with the Corpus Christi LNG volumes
involving Henry Hub and Title Transfer Facility (TTF) commodity swaps.
-- For the period ended 30 June 2026, hedge settlements resulted in a net
cash outflow of approximately $400 million. This does not directly
translate to the profit and loss as cash settlements on oil-linked hedges
occur in advance of the related profit and loss impact, resulting in a
temporary difference between cash flows and reported earnings.
Accordingly, an estimated pre-tax loss of $70 million primarily relating
to Corpus Christi LNG hedges and foreign exchange hedges were recognised
in the period. The losses relating to oil-linked hedges cash settled
during the quarter are expected to be recognised in Q3, and this will be
offset by higher revenue from the realisation of price lags from Q2.
Embedded commodity derivative
-- In 2023, Woodside entered into a revised long-term gas sale and
purchase contract with Perdaman. A component of the selling price is
linked to the price of urea, creating an embedded commodity derivative in
the contract. The fair value of the embedded derivative is estimated
using a Monte Carlo simulation model.
-- As there is no long-term urea forward curve, TTF continues to be used
as a proxy to simulate the value of the derivative over the life of the
contract.
-- For the period ended 30 June 2026, an unrealised pre-tax loss of
approximately $135 million is expected to be recognised through other
expense.
Funding and liquidity
-- On 29 June 2026, Woodside repaid a $600 million Syndicated Term Loan
approximately 6 months prior to maturity, reflecting prudent balance
sheet management.
-- As at 30 June 2026, Woodside had liquidity of approximately $8,200
million, after paying a fully franked dividend in March, net debt
(including lease liabilities) of approximately $9,300 million and gearing
of approximately 21%.
-- Net debt and gearing was impacted by:
-- Approximately $600 million of lease liabilities recognised in
the first half of 2026, for the Woodside Bilangara LNG vessel and
Trion construction related vessels.16
-- Net cash outflow of approximately $400 million for hedge
settlements.
-- Higher pricing driving an approximate $100 million increase in
trade receivables expected to be received in July.
2026 half-year results and teleconference
-- Woodside's Half-Year Report 2026 and associated investor briefing will
be released to the market on Tuesday, 25 August 2026. These will also be
available on Woodside's website at http://www.woodside.com/.
-- A teleconference providing an overview of the 2026 half-year results
and a question and answer session will be hosted by Woodside CEO and
Managing Director, Liz Westcott, and Chief Financial Officer, Graham
Tiver, on Tuesday, 25 August 2026 at 10:00 AEST / 08:00 AWST / 18:00 CST
(Monday, 24 August 2026).
-- We recommend participants pre-register 5-10 minutes prior to the event
with one of the following links:
-- https://webcast.openbriefing.com/WDS-hyr-2026/ to view the
presentation and listen to a live stream of the question and
answer session.
-- https://s1.c-conf.com/diamondpass/10055832-aiwh8k.html to
participate in the question and answer session. Following
pre-registration, participants will receive the teleconference
details and a unique passcode.
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, $ million 230-250 Includes Pluto Interconnector
services and tolling costs, Pluto feed gas
processing purchases from minority
costs interests, and Beaumont New
Ammonia's operational costs and
third-party feedstock
purchases.
---------------- ----------- --------------------- --------------------------------
Other (other $ million 290-370 Includes a non-cash loss of
expense) approximately $135 million for
the Perdaman embedded
derivative, net hedging losses
of approximately $70 million
and other immaterial items.
---------------- ----------- --------------------- --------------------------------
Impairment $ million 160-200 -- Impairment losses of
losses approximately $160-$200 million
(pre- and post-tax), relating
to the Calypso Project and
other items. Excluded from
underlying NPAT.
---------------- ----------- --------- ---------- --------------------------------
Petroleum rent $ million 210-410 190-390 Includes a statutory PRRT
and resources benefit expense adjustment of approximately
(PRRT) $600 million pre-income tax
benefit/expense (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 $ million 570-770 490-690 Includes a statutory income tax
expense expense expense 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 Q1 Q2 YTD YTD
2026 2026 2025 2026 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 Q1 Q2 YTD YTD
2026 2026 2025 2026 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 Q1 Q2 YTD YTD
2026 2026 2025 2026 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 Q1 Q2 YTD YTD
2026 2026 2025 2026 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 Q1 Q2 YTD YTD
2026 2026 2025 2026 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 Q1 Q2 YTD YTD
2026 2026 2025 2026 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 Q1 Q2 YTD YTD
2026 2026 2025 2026 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 Q1 Q2 YTD YTD
2026 2026 2025 2026 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
Q2 Q1 Q2 Q2 Q1 Q2
Units 2026 2026 2025 Units 2026 2026 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 Q1 Q2 YTD YTD
2026 2026 2025 2026 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 Q1 Q2 YTD YTD
2026 2026 2025 2026 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)
Q2 Q1 Q2 YTD YTD
Exploration and evaluation expenditure 2026 2026 2025 2026 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
---------------------------------------- ----- ----- ----- ----- -----
Q2 Q1 Q2 YTD YTD
Trading costs 2026 2026 2025 2026 2025
---------------------------------------- ----- ----- ----- ----- -----
Australia 52 49 49 101 88
Marketing 533 338 129 871 322
---------------------------------------- ----- ----- ----- ----- -----
Total 585 387 178 972 410
---------------------------------------- ----- ----- ----- ----- -----
Q2 Q1 Q2 YTD YTD
Abandonment expenditure 2026 2026 2025 2026 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 Change in Current Remarks
licence areas interest (%) interest (%)
---------------- ---------------- ------------- ------------- ------------
United States AT 424, AT 425, (30%) --% Assigned
AT 469, AT 470
---------------- ---------------- ------------- ------------- ------------
AT 228, AT 273, (100%) --% Relinquished
AT 274, GC 210,
GC 211
---------------- ---------------- ------------- ------------- ------------
GB 529, GB 530, (100%) --% Expired
GB 531
---------------- ---------------- ------------- ------------- ------------
Republic of Marine XX (23%) --% Relinquished
Congo
Production rates
Average daily production rates (100% project) for the quarter ended 30 June 2026:
Production rate
Woodside (100% project,
share(38) Mboe/d) Remarks
Jun Mar
2026 2026
----------------------- ---------- -------- ------- ----------------------
AUSTRALIA
NWS Project
LNG production was
lower due to
increased pipeline
LNG 29.76% 203 210 gas production.
Crude oil and
condensate 29.67% 35 35
NGL 29.95% 7 7
Pluto LNG
Production was lower
due to planned
LNG 90.00% 75 109 maintenance.
Crude oil and
condensate 90.00% 7 9
Pluto-KGP
Interconnector
Production was lower
due to planned
LNG 100.00% 19 27 maintenance.
Crude oil and
condensate 100.00% 1 1
NGL 100.00% -- --
Wheatstone(39)
Production was lower
due to the impact of
Tropical Cyclone
Narelle and offshore
LNG 7.85% 204 211 project activities.
Crude oil and
condensate 10.56% 28 29
Bass Strait
Production was higher
due to increased
seasonal demand and
completion of planned
offshore maintenance
Pipeline gas 45.33% 83 65 activities.
Crude oil and
condensate 43.81% 12 9
NGL 45.33% 18 16
Australia Oil
Okha production was
lower due to shipyard
activities and a
reliability related
outage. Pyrenees
production was lower
due to the impact of
Tropical Cyclone
Ngujima-Yin 60.00% 13 12 Narelle.
Okha 50.00% -- 7
Pyrenees 71.43% 3 6
Other
Pipeline gas(40) 28 28
Production rate
Woodside (100% project,
share(41) Mboe/d) Remarks
Jun Mar
2026 2026
----------------------- ---------- -------- ------- ----------------------
INTERNATIONAL
Atlantis
Production was lower
due to routine
regulatory safety
equipment testing,
Crude oil and and flow assurance
condensate 38.50% 72 79 management.
NGL 38.50% 5 7
Pipeline gas 38.50% 8 10
Mad Dog
Oil production was
lower due to a gas
handling constraint
while a gas
Crude oil and compressor was
condensate 20.86% 142 147 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260728729733/en/
CONTACT: INVESTORS
Vanessa Martin
M: +61 477 397 961
E: investor@woodside.com
MEDIA
Christine Abbott
M: +61 484 112 469
E: christine.abbott@woodside.com
REGISTERED ADDRESS
Woodside Energy Group Ltd
ACN 004 898 962
Mia Yellagonga
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Perth WA 6000
Australia
T: +61 8 9348 4000
www.woodside.com
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