Strong performance from improved production and pricing
Performance highlights
-- Achieved $84/boe realised LNG price during Q3 2026, an increase of 27%
compared to Q2 2026 reflecting price lags from Q2 2026, realised values
from LNG portfolio optimisation undertaken in Q2 2026 and stronger gas
hub market pricing.
-- Delivered quarterly operating revenue of $4,281 million, up 2% on Q2
2026 from strong LNG performance offset by lower average realised pricing
from the liquids portfolio.
-- Delivered quarterly production volumes of 46.2 MMboe (503 Mboe/d), up
12% from Q2 2026 reflecting higher production from Pluto LNG following
turnaround and maintenance activities completed in Q2 2026.
-- Achieved operational reliability of greater than 99% at Sangomar, NWS
Project LNG and Pluto LNG.
-- Completed NWS single train planned major turnaround campaign on
schedule and budget.
Project highlights
-- The Scarborough Energy Project was 99% complete and remains on budget
and on track for first LNG cargo this year.
-- The Trion Project was 71% complete at quarter end and remains on budget,
with floating production unit (FPU) fabrication advancing to 96%
completion, targeting first oil in 2028.
-- The Louisiana LNG Project remains on budget, targeting first LNG in
2029. It is 32% complete with Train 1 41% complete.
Business and portfolio highlights
-- Entered into an agreement to sell Woodside's 70% operated interest in
the Calypso Project to bp.
-- Completed the strategic review of Beaumont New Ammonia (BNA) and will
initiate a formal process to reduce Woodside's investment and achieve
value for shareholders.
PERTH, Australia--(BUSINESS WIRE)--October 20, 2026--
Woodside Energy Group (ASX: WDS) $(WDS)$:
2026 full-year
guidance Prior Current Comment
--------------------- --------- ------------ --------- -------------------
Beaumont New
Ammonia volumes
revised to 1.5-2.5
MMboe Narrowing of
window for
Scarborough first
LNG cargo Reduced
production at Okha
FPSO Completion of
start-up and
performance testing
of Julimar
Total production Development Phase 3
volumes(1) MMboe 174--185 174--181 in September
--------------------- --------- ------------ --------- -------------------
Gas hub exposure(2) % 30 No change
--------------------- --------- ------------ --------- -------------------
Capital $ million 4,000--4,500 No change
expenditure(3)
--------------------- --------- ------------ --------- -------------------
Abandonment $ million 500--800 No change
expenditure
--------------------- --------- ------------ --------- -------------------
Exploration $ million 200 No change
expenditure
--------------------- --------- ------------ --------- -------------------
Production costs $ million 1,500--1,800 No change
--------------------- --------- ------------ --------- -------------------
Feed gas, services $ million 500--600 No change
and processing
costs
--------------------- --------- ------------ --------- -------------------
Property, plant and $ million 4,200--4,700 No change
equipment
depreciation and
amortisation
--------------------- --------- ------------ --------- -------------------
Woodside CEO Liz Westcott said the strong third quarter performance reflected the company's highly reliable operations and disciplined execution of major growth projects.
"Amid ongoing volatility in global energy markets, we have remained a reliable supplier to our customers. Increased quarterly operating revenue reflected increased production and strong realised prices.
"We delivered quarterly production of 46.2 million barrels of oil equivalent, up 12% from the previous quarter following the successful completion of the Pluto LNG turnaround in the second quarter and the NWS turnaround in the third quarter.
"We maintained outstanding reliability across our global portfolio, with reliability of 99.8% at Pluto LNG and 99.3% at the NWS Project in Australia, and 99.2% at Sangomar in Senegal.
"We recorded three process safety events during the quarter. Safety remains our highest priority and we are focused on applying the lessons learned from these incidents and strengthening our controls in this vitally important area.
"We continued executing our major growth projects to budget and schedule. The Scarborough Energy Project is now 99% complete, with gas from the Scarborough reservoir introduced into the FPU and exported into the trunkline during the quarter. We remain on track for first LNG cargo this year.
"The Trion Project is now 71% complete and targeting first oil in 2028. Fabrication of the FPU is well advanced, with integration and pre-commissioning activities underway.
"Louisiana LNG is targeting first LNG in 2029, with construction progressing across all three trains and the project 32% complete.
"We continued to optimise our portfolio through the ongoing integration of the Gippsland Basin assets and divestment of our operated interest in the Calypso Project. Following completion of the Beaumont New Ammonia strategic review, we will now initiate a formal process to reduce our investment and achieve value for our shareholders. These actions demonstrate our disciplined approach to portfolio management and capital allocation, with a clear focus on investments that deliver long-term shareholder value.
"We remain committed to supplying Australia's domestic gas market and are assessing our plans for four proposed development wells in the Bass Strait. Development will depend on technical assessments and the implications of the Federal Government's domestic gas reservation scheme."
Comparative performance at a glance
Q3 Q2 Change Q3 Change YTD YTD Change
2026 2026 % 2025 % 2026 2025 %
------------------- ---------- ----- ----- ------ ----- ------ ------ ----- ------
Operating revenue $ million 4,281 4,185 2% 3,359 27% 11,727 9,949 18%
------------------- ---------- ----- ----- ------ ----- ------ ------ ----- ------
Production
volumes(4) MMboe 46.2 41.3 12% 50.8 (9%) 132.7 149.9 (11%)
Gas MMscf/d 1,697 1,326 28% 1,827 (7%) 1,534 1,831 (16%)
Liquids Mbbl/d 202 214 (6%) 231 (13%) 212 228 (7%)
Ammonia kT/d 0.8 1.8 (56%) -- --% 1.3 -- --%
Total Mboe/d 503 454 11% 552 (9%) 486 549 (11%)
------------------- ---------- ----- ----- ------ ----- ------ ------ ----- ------
Sales volumes(5) MMboe 51.1 48.0 6% 55.1 (7%) 150.9 159.9 (6%)
Gas MMscf/d 2,043 1,672 22% 2,122 (4%) 1,910 2,049 (7%)
Liquids Mbbl/d 193 227 (15%) 226 (15%) 213 226 (6%)
Ammonia kT/d 1.0 2.1 (52%) -- --% 1.3 -- --%
Total Mboe/d 555 528 5% 599 (7%) 553 586 (6%)
------------------- ---------- ----- ----- ------ ----- ------ ------ ----- ------
Average realised
price $/boe 84 85 (1%) 60 40% 77 61 26%
------------------- ---------- ----- ----- ------ ----- ------ ------ ----- ------
Capital expenditure
and acquisitions $ million 722 784 (8%) 1,323 (45%) 2,829 3,881 (27%)
Capital
expenditure(6) $ million 722 784 (8%) 1,323 (45%) 2,359 3,881 (39%)
Acquisitions $ million -- -- --% -- --% 470 -- --%
Operations
Pluto LNG
-- Achieved quarterly LNG reliability of 99.8%.
-- Preparation for the subsea tie-in and commissioning of the XNA-03
infill well continued ahead of targeted start-up in Q4 2026.
North West Shelf Project
-- Achieved quarterly LNG reliability of 99.3%.
-- Completed single LNG train planned turnaround campaign in September
2026 on budget and schedule.
-- Hearings on three legal proceedings in the Federal Court of Australia
associated with the NWS Project Extension Commonwealth environmental
approvals were held in July 2026, with the decisions reserved. A separate
proceeding concerning the State environmental approval remains before the
Supreme Court of Western Australia, with a hearing scheduled for Q4
2026.
-- The NWS Project is continuing with infrastructure retirement planning
at Karratha Gas Plant (KGP) while maintaining the capacity to provide
processing services for third-party gas. Planning is underway to retire a
second LNG train in 2027 subject to relevant approvals.
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