Woodside Energy Group reported operating revenue of $4,185 million for the second quarter ended 30 June 2026, marking a 28% increase from the first quarter. This top-line growth was primarily driven by stronger commodity pricing rather than volume expansion, as average realised prices rose 35% to $85/boe. Despite the revenue surge, total production volumes fell 9% to 41.3 million barrels of oil equivalent (MMboe), or 454 thousand barrels per day (Mboe/d), due to planned maintenance at Pluto Train 1 and recovery efforts following cyclone impacts on Australian assets. CEO Liz Westcott highlighted that sustained asset reliability provided greater certainty around full-year outcomes, supporting a narrowed production guidance range for 2026.

The company maintained exceptional operational reliability across key assets, achieving more than 99% at Sangomar and Shenzi, and more than 97% at the North West Shelf Project LNG and Pluto LNG. Woodside successfully completed planned maintenance at Pluto Train 1 on schedule and budget, including critical tie-ins for the Scarborough Energy Project. Subsequent to the period, the Scarborough project achieved first gas from the reservoir, remaining on track for its first LNG cargo in the fourth quarter of 2026. The company also exercised pre-emption rights to acquire PetroChina International Investment’s 10.67% interest in the Browse Joint Venture, reinforcing its commitment to the Browse to North West Shelf development concept.

Capital expenditure for the quarter stood at $784 million, down 41% from the prior quarter, with no acquisitions recorded during the period. The Scarborough Energy Project is now 98% complete, while the Trion Project reached 64% completion, targeting first oil in 2028. Louisiana LNG remains on budget at 28% completion, with Train 1 at 35%. Woodside also entered a sale and purchase agreement with Alcoa for the supply of 31.1 petajoules (PJ) of domestic gas from 2027 to 2030, underscoring its role in supporting Western Australia’s energy security.

What the Numbers Show

The divergence between revenue growth and production decline highlights Woodside’s current earnings leverage to commodity prices. While volumes dropped 9% quarter-on-quarter, the 35% surge in realised prices more than compensated, driving a 28% revenue increase. This dynamic suggests that near-term financial performance remains highly sensitive to global LNG and crude oil price movements, particularly as the company navigates supply constraints and geopolitical disruptions affecting global markets. The significant reduction in capital expenditure also points to a temporary easing in cash outflows, potentially improving free cash flow generation in the short term ahead of the heavy investment phase for upcoming projects like Louisiana LNG.

The Gulf South Business Roundtable (GSBR) announced on July 8, 2026, that Woodside Energy has joined its executive-led coalition to advocate for federal policies driving industrial growth and energy security across Alabama, Arkansas, Louisiana, Mississippi, and Texas. Woodside Energy, a global energy company, brings significant investment capital to the region, reinforcing the Gulf South's role as a hub for America's energy export economy. The membership strengthens GSBR's influence in Washington regarding permitting, infrastructure, and tax implementation.

Woodside and its partners are investing approximately $20 billion in American energy projects. The centerpiece of this investment is the $17.5 billion Louisiana LNG Project in Calcasieu Parish, Louisiana. This project represents the largest single foreign direct investment in the state's history and is expected to support approximately 40,000 jobs nationally during construction and approximately 4,000 national jobs during operations.

Beyond the Louisiana LNG Project, Woodside's footprint includes the recently started Beaumont New Ammonia plant, an investment of approximately $2.3 billion. This facility aims to meet domestic ammonia needs and potentially double US ammonia exports. The company also maintains significant oil and gas production operations in the Gulf of America, anchoring its long-term commitment to the region.

Ben Portis, Executive Director of the Gulf South Business Roundtable, highlighted the strategic importance of Woodside's membership. He noted that the Louisiana LNG Project benefits from federal alignment on key policy areas. The addition of Woodside comes as GSBR addresses more than $200 billion in announced industrial investment across its five member states, working to ensure permitting timelines and supply chain resilience keep pace with construction.

Daniel Kalms, Executive Vice President and Chief Operating Officer, International, at Woodside Energy, expressed pride in joining the coalition. He emphasized that GSBR provides a unified voice in Washington to advocate for policies that allow projects in Louisiana and Texas to deliver jobs and long-term economic benefits. Woodside joins other member companies committed to advancing GSBR's six federal policy priorities: siting and permitting modernization, supply chain stabilization, workforce development, infrastructure growth, tax implementation, and energy technology innovation.

Key Woodside Energy Investments in the Gulf South