Quarterly ResultJul 29, 2026, 06:12 AM
WOODSIDE ENERGY Q2 Revenue $4.185B (+28%); Scarborough 98% Complete
AI Summary
Woodside Energy Group reported strong second-quarter 2026 results with operating revenue of $4,185 million, a 28% increase from the previous quarter, driven by a 35% rise in average realised prices to $85/boe. Production volumes decreased by 9% to 41.3 MMboe due to planned maintenance and cyclone impacts, but full-year guidance was narrowed. Major growth projects like Scarborough, Trion, and Louisiana LNG are progressing on budget and schedule, with Scarborough 98% complete and targeting first LNG in Q4 2026. The company also exercised pre-emption rights for a 10.67% interest in the Browse Joint Venture and assumed operatorship of Gippsland Basin assets.
Key Highlights
- Q2 operating revenue was $4,185 million, a 28% increase from Q1 2026.
- Achieved a strong average realised price of $85/boe, up 35% from Q1 2026.
- Q2 production volumes were 41.3 MMboe, down 9% from Q1 2026 due to planned maintenance.
- Scarborough Energy Project is 98% complete and on track for first LNG cargo in Q4 2026.
- Exercised pre-emption rights to acquire PetroChina's 10.67% interest in Browse Joint Venture.
- 2026 full-year production guidance narrowed to 174-185 MMboe from 172-186 MMboe.
- Net cash outflow of approximately $400 million from hedge settlements in Q2 2026.
- Expected impairment losses of $160-$200 million related to the Calypso Project.
Price Impact
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